Currently, BTCPA has formed a new bearish pattern, indicating that BTC may fall below the weekly low in the coming days. After failing to stabilize above $29,400, the BTC price is struggling to stay above $29,200. A new wave of bearish sentiment may be triggered soon, and BTC may fall below the key support level of $28,800. Although the BTC price has rebounded recently, it is still under bearish pressure, so the upward momentum seems limited.

1. Short-term Technical Analysis (see the chart above):

The price of BTC triggered a wave of bullish a few days ago, but now it has turned downwards and wiped out all the gains. Currently, its price is hovering at the 23% Fibonacci retracement level, testing one of the important resistance levels of the 20-day moving average, which is $29,236. At the same time, since the early trading session, the price has encountered several declines at this level, indicating that a bearish reversal may come soon. If the BTC price fails to hold the key support level, it may quickly dump to the 0% Fibonacci level, which is $28,872.

2. Long-term Technical Analysis (see the figure below):

Although there are bearish signals for BTC price in the short term, the long-term forecast is very bullish. The BTC price seems to be replicating the previous trend, which will eventually lead to a massive rise trend, possibly pushing the BTC price above $35,000. Whenever the bearish trend of the BTC price tests the downtrend line that has been in place since the beginning of the year, its price will trigger a bullish rebound. Therefore, people believe