- Michael Pizzino noted in a tweet yesterday that BTC failed to break above $31K for the third time in a week.
- The trader predicted that the next challenge at $31K may result in a bullish breakout.
- At press time, BTC was trading at $30,818.54 following a 24-hour loss of 0.65%.
The crypto trader and educator Michael Pizzino noted in a tweet yesterday that Bitcoin (BTC) failed to break above $31K again. In addition, he stated that the past 100 days in the stock market have been lackluster with nothing more than “minor reversals.” As a result, the trader speculated that it is only a matter of time before something major happens in the crypto market.
Nevertheless, Pizzino revealed that he remains macro-bullish toward the market leader. According to the trader, it is still early days for BTC and it is fair to say that the crypto’s next attempt at breaking above $31K may result in a solid bullish breakout.
At press time, the leading crypto was trading at $30,818.54 according to CoinMarketCap. This was after BTC printed a 0.65% loss over the past 24 hours. Despite the negative daily performance, the crypto’s weekly performance remained in the green at +1.20%.
From a technical perspective, a bearish ascending wedge pattern was forming on BTC’s daily chart. Should this chart pattern be validated, BTC’s price may be at risk of dropping to the minor support level at $29,500. Continued sell pressure could result in the crypto’s price dropping to as low as $28,490 in the following week.
On the other hand, a daily candle close above the $31K mark within the next week will invalidate the bearish thesis. Investors and traders may just want to take note of the fact that BTC’s latest rejection by the $31K resistance took place yesterday and was the third time in a week that BTC was unable to break above the key price point.
As a result, the possibility of BTC’s price correcting in the coming few days cannot be ruled out. Should this happen, BTC may drop to as low as the 50-day EMA line which was around the aforementioned $28,490 support.
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