Bitcoin (BTC) has been trading below $29,000 for the past several days. The analyst community remains divided on the near-term prospects of Bitcoin. While some believe that Bitcoin could rise to $30,000, others are of the opinion that a local top has been made.

Bloomberg Intelligence senior macro strategist Mike McGlone said that cryptocurrencies, along with the stock market, crude oil and copper may find it difficult to sustain the recent bounce because bank liquidity levels remain tight.

On the other hand, SkyBridge Capital founder Anthony Scaramucci, while speaking with Yahoo Finance, said that Bitcoin’s bear market may be over, but he added that it was a guess. However, Scaramucci highlighted that Bitcoin has repeatedly outperformed other asset classes over the long term.

Will Bitcoin turn down from the current level, or will bulls regroup and push the price above $30,000? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin (BTC) has formed a symmetrical triangle near $29,000, which suggests uncertainty among the bulls and the bears about the next directional move.

The upsloping 20-day exponential moving average (EMI) ($27,406) and the relative strength index (RSI) above 58 suggest that bulls

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Author: Rakesh Upadhyay

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