Currently, BTCPA has entered a new bearish pattern, indicating that BTC may fall below the one-week low in the coming days. After failing to stabilize above $29,400, the BTC price is struggling to maintain above $29,200. A new round of bearish trend 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 chart above):

The BTC price triggered a wave of bullish sentiment a few days ago, but has now turned downwards, erasing all gains. Currently, its price is hovering around the 23% Fibonacci retracement level, testing one of the important resistance levels, i.e., $29,236. At the same time, since the morning, the price has encountered several declines at this level, indicating that a bearish reversal may soon be imminent. If the BTC price fails to hold the key support level, it may soon experience a big dump down to the 0% Fibonacci level, i.e., $28,872.

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

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