The Bitcoin price is moving sideways as investors wait for the North American Bitcoin Conference that kicks off today in Miami. The BTC price is trading at $43,120, which is significantly higher than last week’s low of about $39,500.
Bitcoin has made a steady recovery recently as investors get more comfortable with the fact that interest rates will start rising this year. This week, investors will focus on the important Bitcoin Conference. Some of the key speakers in the event will be billionaire Mark Cuban, who has become a leading proponent of cryptocurrencies in the past few years.
Other speakers who will address the conference are Peter Smith, the founder of Blockchain.com, Michael Kong, the founder of the Fantom Foundation, and Kathleen Breitman, the co-founder of Tezos. Others will be the founders of Tether, Abra, and Ripple. The Bitcoin price tends to rise when there is a major event.
Bitcoin price prediction
The daily chart shows that the BTC price declined sharply last week and then started making a comeback. It managed to rise from a low of $39,500 to over $43,000. The price is still over 40% below the highest level this year.
The price is about the 25-day and 50-day exponential moving averages (EMA). It is also slightly below the 61.8% Fibonacci retracement level. A closer look shows that the coin has formed a bearish flag pattern. It also seems like it has formed a dead cat bounce pattern.
Therefore, while the outlook of the Bitcoin price is neutral, there is a likelihood that it will have a bearish breakout in the near term. This will see it decline to the key support at $40,000. The alternate scenario is where the price retests the resistance at 45,000.