The long-term analysis of Bitcoin suggests the price remains under a bullish influence, aiming to trigger a bull run. Besides, the short-term price action flashes could consume more time than required as the bears have held a tight grip over the rally. The BTC price, which is facing a huge barrier at $28,000, is expected to display massive price action soon, which may heavily impact the year-end close.
The BTC price is currently stuck at around $27,900 levels after taking a slight step back from $27,700 levels. The recent price action is a result of a 23.6% retracement following a notable climb from $24,900 to $28,613. Since then, the market has been on a roller coaster ride, with both bullish and bearish forces trying to dominate. Besides, there is a positive sentiment that could push the price above $28,500 initially, aiming to reach higher resistance above $29,000.
However, the most probable scenario indicates some diverse actions, as some cautious optimism is brewing.
The scenario that is more likely is a gradual ascend towards the most-awaited $30,000 mark, which is upon breaking one of the major resistances at $28,500. However, surpassing these levels could be a tedious job, as the RSI seems to be preparing for a bearish reversal upon reaching the overbought levels. This may lead to a retest of the lower support at $25,831. If the selling pressure ramps up amid the panic selling, then lower supports may be tested.
Presently, a tug-of-war between bullish and bearish sentiments is in play as Bitcoin awaits fresh technical guidance after its moderation after failing to break above $28,000. Besides, the Elliot wave analysis suggests a pivotal market decision looms around these levels as the BTC price displays some strength amidst a struggling economy. The current trade setup hints towards a price rise beyond the 2023 highs, regardless of the prevailing neutral fear and greed index at 49.
