• Bitcoin is currently trading at $29,100 and may be forming a head-and-shoulders pattern, which is typically viewed as a bearish trend.
• Community sentiment has stated that Bitcoin may be preparing for an incoming bull run.
• Michael van de Poppe believes that if Bitcoin can maintain the $28,900 level, it could create momentum toward $30,500.

Bitcoin Price Analysis

Bitcoin has been displaying a head-and-shoulders pattern which could indicate a bearish trend. Traders are hopeful that the digital asset will reclaim the $30,000 level and continue to rise. However, community sentiment is optimistic about the future of Bitcoin and potential for it to gain ground in its current market climate.

Current Outlook

As of writing, Bitcoin is poised to regain some of its lost ground, currently trading at $29,100 with $30,000 still in play. The head-and-shoulders neckline rests at the $27,500 price level and breaching this point would likely trigger a decline to $23,200 – the 0.5 Fib retracement support level.

Key Targets

The third level of resistance at the Pivot Point is set at a significant $30,140 while the second level stands at $29,745 and first resistance point rests at $29,310 with main pivot point at a critical juncture of $28

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