Bitcoin Price Outlook: Intraday Bearishness Expected, But Uptrend Intact

Summary:

Bitcoin prices (BTC/USD) could suffer an intraday correction as the double top pattern plays out on the 15-minute chart, but the uptrend remains intact.

Bitcoin prices are presently struggling to retake the $60,000 psychological price level. However, the Bitcoin price outlook shows that the uptrend on the asset remains intact in the short-term and medium-term, and any dips could be accumulation opportunities.

This Friday, Bitcoin dominance has fallen slightly, despite heavy movements by whales that is gradually drying up Bitcoin supply on exchanges. Recently, real estate billionaire Rick Caruso indicated in a CNBC interview that his company now had holdings in Bitcoin, courtesy of his LA-based company Caruso Properties.

Technical Outlook for BTC/USD

Bitcoin price action on the 15-minute chart indicates that the price has formed a double top, with neckline at the 58363.33 price level. This support has been broken with a 3% penetration to the downside, and we can expect the projected measured move to take the pair towards the 58,000 psychological support or the 57,800 support level.

On the flip side, quick bounces towards the 58230.28 intraday resistance or the broken neckline may be expected as bulls try to force a retracement pullback to the upside. Rejection at any of these points allows the bears to push the BTC/USD towards an intraday conclusion at the projected price points for the measured move. A further decline brings 57479.50 and 57231.31 into the picture.