According to a recent article on FXStreet.com, Bitcoin’s price is showing an optimistic start to the week with a potentially quick recovery rally in the works. The four-hour chart shows an exaggerated bullish divergence, indicating that BTC could make a bullish move that propels it to $29,726. However, if the price experiences a four-hour candlestick close below $26,555, it will invalidate the bullish thesis and create a lower low.
Bitcoin’s price has faced selling pressure due to upcoming macroeconomic events, but consolidation around $27,231 indicates an improving narrative. A breakout from the bullish setup could lead to a quick recovery rally, retesting the $28,774 and $29,774 hurdles. The latter coincides with the midpoint of the four-hour Fair Value Gap (FVG), extending from $29,494 to $29,957. There is also a possibility that Bitcoin could extend higher and tag the $30,000 psychological level.
While the short-term outlook for Bitcoin price appears bullish, the market’s volatility could cause the price to chop around longer than anticipated. The bulls’ plans could turn against them if there is a spike in selling pressure due to macroeconomic events.
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