The value of Bitcoin should increase in the remainder of 2021 since the bulls are in control for the short term. Rejection of low prices and bullish pressure after a sharp drop indicates a possible bottom.
Despite low volatility in the past weeks, the technical scenario for Bitcoin before the end of 2021 is full of optimism. The following analysis will help understand the behavior of the price and predict where it might head.
BTC is currently trading at around USD 49,863 and has accumulated a 5.9% profit over the last week. Its daily trading volume is above USD 24.6 billion, and its market capitalization is about USD 943 billion, according to CoinGecko.
The bulls have shown little determination, which keeps market participants afraid of what may happen next regarding the price. That is what investors can see in the Bitcoin sentiment indicator.
According to the weekly CryptoQuant metric analysis summary, there is not much certainty over what will happen in the remainder of 2021.
Different indicators show the level of supply and demand and the strength of accumulation by leading market participants. Despite the current uncertainty in the market, they remain firm with a medium/long-term bullish prediction.
Most technical oscillators are neutral but tend to be bearish, which is evident in market sentiment for the short term.
The Bitcoin Price Could Surprise Investors in the Remainder of 2021
The BTC/USDT daily chart indicates that the price recently rebounded to its short-term upward trend. That happened after it escaped through the top of a descending wedge.
When wedges form on relevant support, they are highly reliable chart figures, as it happened in this case.
The bulls are currently in control for the short term, for which the price of Bitcoin should rise in the remainder of 2021.
Before Christmas, resistance at USD 51,200 hampered the value of the pioneering cryptocurrency. There is still a pullback in progress, which seems to be finding support close to the USD 50,000 mark.
Right now, the correction could stop and give way to new momentum in the short term. That will be relevant only if the price breaks through resistance at USD 51,200. If that happens, its next goal will be to reach a value of USD 59,000.
Before considering selling, the price has to break through support at USD the 48,588 mark. However, it should not be a worrying scenario as long as the support at USD 43,100 remains.
The Weekly Chart of the Price of Bitcoin
In the last week, the price of the pioneering cryptocurrency has shown signs that it will probably end 2021 with more profits.
Low-price rejection and bullish pressure following a sharp drop signal a possible bottom.
In case that a new rally starts, it would not be surprising to see new all-time highs in the next few weeks/months.
As mentioned above, short-term selling will not be relevant as long as the support at USD 43,100 remains.
By Alexander Salazar
