It was on February 24, 2022, when the analysts observed the candlestick pattern form for Bitcoin. According to data, it was outside the day when the pattern was observed by the analysts. On a particular day, Bitcoin started gaining on its price and it was expected to go beyond the $26.5k per BTC mark.
However, the bears came in with their high selling force, with the intention of pulling Bitcoin’s price lower. Before the bulls could demonstrate their buying power, the bears increased their selling efforts to pull Bitcoin below the support line. At this particular time, the immediate support line for Bitcoin was $36,250 per BTC.
While the bears took control of the situation on February 24, the long tail formed and observed for the candlestick pattern was an indication of a positive trend. The candlestick pattern showed that the investors would witness a strong buying rally for Bitcoin, which would increase its value significantly.
At the moment, the investors are expected to buy Bitcoin at the lower levels. If the investors sustain the pressure from the bears and keep the rally going, then the price of Bitcoin may surge to higher figures.
For now, the analysts are expecting that the bulls may go for strong buying activity in order to push the price of Bitcoin. Their first target would be to push Bitcoin over the $38k mark and then go for the higher benchmark.
The investors may face a lot of resistance from the bears wanting to push Bitcoin to a lower figure at $40k per BTC. However, as the bulls keep pushing harder, Bitcoin may succeed in crossing the $40k per BTC figure and go for another high figure.
If the investors succeed in crossing the $40k resistance price for Bitcoin, they may attempt to push it over the $42.5k per BTC figure. This would be another major resistance mark for Bitcoin and achieving this figure would mean investors will be able to aim for a higher value.
In the particular case, a rally mustered by the bulls would push Bitcoin over the $45,821 per BTC figure, which is the overhead resistance mark for Bitcoin.
On the other hand, if the value of Bitcoin ends up falling below the moving averages, then Bitcoin may experience more plunges in near future. The bears may attempt to bring the price of Bitcoin down to $36,250 per BTC.
Once the investors bring Bitcoin to such a figure, they may start selling Bitcoin as soon as a rally builds. This way, the bears would keep forcing down the price of Bitcoin and bring it down to lower figures.
Once Bitcoin falls below $36,250, the bears may attempt a high-level selling activity to pull Bitcoin to $34,322 and eventually, down to $32,917.
