Bitcoin BTCUSDT Price Analysis April 7, 2023

BTCUSDT

Around the 29,000 mark, Bitcoin has developed a symmetrical triangle pattern that signals uncertainty among buyers and sellers regarding the next price movement.

Based on the upward trend of the 20-day exponential moving average (27,406) and the relative strength index (RSI) being above 58, it seems that buyers have a slight advantage. If the price bounces back from the support line, buyers will aim to push the BTC/USDT pair above the triangle, which could result in the start of the next upward trend. The pattern's price target after breaking out of the triangle is 31,280.

On the other hand, if the support line is broken, bears will have the upper hand in the short term. The pair's price may then decline to 25,250, which was the breakout level. Buyers are expected to defend this level with all their might.

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