Since the beginning of the week, the Bitcoin price has been confronted with a considerable bearish pressure, because the sales pressure on the markets continues to rise. Moreover, the price fell under the crucial support in early trading hours and did not reclaim the lost levels, indicating a tight bearish hold about the token. However, the market sentiments remain largely bullish, which suggests that the BTC price could rise after the current correction.
The recent decrease in the Bitcoin is not immediately attributed to a court decision on rates, but rather to the announcement of President Donald Trump about imposing rates for Canada and Mexico. This movement led to widespread volatility on the markets, which caused Bitcoin to fall less than $ 91,000 and resulted in nearly a billion dollars in total liquidations. In the meantime, a recent American federal court has blocked $ 10 billion of Trump, led to optimism for the future of Bitcoin.
What will be- will Bitcoin rise to $ 120k or fall to $ 100k?
The BTC price recently experienced a considerable Bullish Push, probably because of the Golden Cross, which can soon turn into a death cross. The rising skepticism around the network has made the bedfalfish optimistic, while the spot traders are preparing for the new BTC Highs. According to the Data from BinanceThe eternal whales defend $ 100k with bids, while riders are looking for $ 120K. This keeps the BTC price forecast hung up with both the possibility to form a new ATH for $ 120k or to dive back to $ 100k.
As can be seen in the graph above, the BTC price has shown a similar divergence as shown in the first few days of April; However, it is now the other way around. On the other hand, the DMI has shown a bearish crossover, while the RSI maintains a steep falling trend. That is why the Bearish reversal can be validated soon, while the price can go to local support at $ 102,153 at 0.786 FIB. Here, if the price does not cause a rebound, it can fall below $ 100k, otherwise a rebound can push it within the resistance zone between $ 105,937 and $ 107,615.
Now all depends on the monthly close, which must be above local support; Otherwise, the Bitcoin (BTC) price can witness a deeper correction.