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The crypto market rally slowed down today as we saw less trading volume in the market. However, the Bitcoin price closed the day with a 2% gain after bouncing off key support on the 4-hour timeframe.
We will be talking about this key support and our likely bullish price scenarios for the coming days.
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Bitcoin Building Momentum
The Bitcoin price is still trading below the $40k level, building momentum and currently getting ready to break out. The key support to watch is the $36,547 minor support.
Bitcoin just bounced off this horizontal support and is rallying higher. If this support continues to hold, we can expect to see the Bitcoin price remain bullish.
Bitcoin Bullish Prediction
For our bullish bias on Bitcoin to remain valid, we need to see the $36,547 minor support hold on the 4-hour timeframe. If this level gets respected, we might see the Bitcoin price continue to rally and breakout soon!
However, a break below it invalidates our bullish prediction and indicates a growing weakness for the Bitcoin price in the coming days.
Bitcoin Bearish Prediction
For the Bitcoin bearish prediction, we need to see the Bitcoin price break and close below the $36,547 minor support on the 4-hour timeframe.
A break of this support increases the likely hood for us to see more selling pressure come back into the Bitcoin price. This could push Bitcoin back down to the $30k level.
We are still very bullish on the Bitcoin price and will remain bullish as far as the price continues to trade above the $36,547 minor support on the 4-hour.
A break of this support invalidates our bullish bias and only points to more sell-off back down to the $30k support.
The big question now is: can the Bitcoin bulls hold the $36,547 minor support on the 4-hour timeframe to sustain this current crypto rally?
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