Opinions on Bitcoin’s future trajectory are polarized as traders assess its price action relative to the 200-day exponential moving average (EMA), currently at $27,180. Some traders see the fact that Bitcoin is holding above this key level as a positive sign, suggesting a potential bottoming out.

“A lot of people are waiting for a better entry, but I don’t think it’s going to happen.”

Bullish vs. Bearish Sentiment

While some traders remain optimistic, others hold more bearish views, expecting a potential return to $25,000 or lower. The diverse perspectives reflect the uncertainty in the market as Bitcoin grapples with its short-term price movements.

BTC/USD 1-hour chart with 200-day EMA. Source: TradingView

Resistance and Upside Levels

Traders are closely monitoring Bitcoin’s ability to reclaim other bull market moving averages and resistances. Some proprietary trading tools indicate key levels to watch, with $27,760 and $24,750 highlighted as potential upside and downside levels, respectively. The balance between bullish and bearish sentiment will likely shape Bitcoin’s near-term price action.

BTC/USD annotated chart with 200-day EMA. Source: Moustache/X