The crypto markets are experiencing a slight recovery after a bearish period. Bitcoin, which dipped to $25,300, has rebounded above $26,700. However, it faces resistance at $27,000, and the bulls seem to lack the strength to push the price above $26,500. Despite the slight increase, there are concerns that the price could drop below $25,000 as predicted by many.
Amidst ongoing price fluctuations, Bitcoin (BTC) remains within a wedge pattern and is currently positioned above a significant trendline on the daily timeframe. Sustaining above this trendline may lead to a breakout from the wedge, potentially triggering a 20% to 25% upward movement. Conversely, a rejection could result in a drop towards $21,500.
In a surprising turn, over 1400 BTC from a dormant address spanning a decade have become active, introducing a fresh wave of volatility to the markets. Additionally, upcoming events like the US CPI and FOMC could further contribute to market volatility.
In the long term, Bitcoin retains a bullish outlook, and the current bearish phase may resemble an accumulation phase preceding an upcoming rally. Monitoring the mentioned levels closely will help determine the next move for the BTC price.