Bitcoin price is currently trading around $28,346, with a 3.4% increase in the past 24 hours during early Asian markets on Wednesday. The top digital asset is retesting the resistance zone from last month, and a rejection at this level could result in a head-and-shoulder technical formation that may lead to further capitulation in the coming weeks. However, if Bitcoin can break out above the current zone, it could lead to a short squeeze and retest this year's all-time high.

Crypto influencer and analyst CryptoFaibik has recently analyzed Bitcoin's price action and suggested that it could be forming an ascending broadening wedge in the daily timeframe. The four-hour timeframe also shows a possible double bottom that could confirm the ascending broadening wedge. As a result, the analyst predicts that Bitcoin price will soon make new highs in the coming days.