Although Bitcoin (BTC) and the rest of the cryptocurrency market have opened the week with recovery, crypto analysts suggest caution, arguing that the flagship decentralized finance (DeFi) asset still has an important level to reclaim before it can continue further up.
As it happens, Bitcoin has bounced back from an oversold level and is trending up, but the short-term setting remains bearish until descending resistance line at $28,500 is broken, according to the observations shared by cryptocurrency analyst Stockmoney Lizards on May 15.
Bitcoin price action analysis. Source: Stockmoney Lizards
At the same time, CryptoYoddha pointed out that a “classic ABCD” chart pattern has formed and that the maiden digital asset needed “to reclaim the mid of the range for the continuation of the uptrend,” while also referring to the level at around $28,500.
Bitcoin price action analysis. Source: CryptoYoddha
Furthermore, crypto trading expert Ali Martinez noted Bitcoin was facing “stiff r
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