The weakness of buyers prevents the steady growth of Bitcoin’s price. However, we could still see a return to the steady upward trend, which started at $410.
Due to the fact that the current movement is against the primary trend, there are multiple bounces off the key levels.
For a short-term trend to form, these key levels need to be broken through and fortified on, i.e. there is a need for a significant increase in either Bitcoin buyers’ or sellers’ strength, which hasn’t happened so far. This is why the price is now stuck between two important resistance lines: $427-28 and $439-40.
There was no significant news that could influence the USD price on Monday 29th February. However, today’s news from the US could produce a new momentum for both Bitcoin and the US Dollar - there will be an ISM report reveal. The report’s figures are based on aggregate data from purchasing managers working in manufacturing industries.
Potential scenarios for short-term trend development
In order to see a continuation of the upward trend, it is important for the $439-40 level to be broken through and fortified on. The target will then be the next level of $450.
With regards to a potential decline, the $427 mark is important to note. The BTC/USD market will have to break through it and fortify. In that case, the minimal targets are going to be around $417, provided that the trend’s structure doesn’t break.
The whole trend, which started at $410, is going to break at $427. It is therefore going to be a more lucrative opportunity for both downward and upward deals at this point.