The price action from BTC to GBP continues the rebound with the second day of gains after the sell-off on Monday and Tuesday.
The sell-off earlier in the week was triggered by risk aversion following the Evergrande Group’s liquidity crisis. However, the company was allowed to restructure its debt payments late Wednesday, causing a return to risky sentiment and a rebound in cryptocurrency prices.
BTC GBP is up 1.87% allowing the pair to break the 32,000 mark as the bulls attempt to hit the next resistance at 34036.
BTC to GBP price outlook
The weekday sell-off completed the bearish pennant pattern on the daily chart. Price rebounded from the close point and passed the 31980 resistance turning that level into new support. The BTC to GBP price outlook allows for potential move towards 34036 if the break above 31980 continues. 36306 is an additional heading north if the advance continues.
On the other hand, a lack of buying momentum jeopardizes the 31980 price mark. If bulls cannot defend this price mark,
29160 becomes a new downside target. 27067 and 26084 are additional downside targets that only come into play when the bears are pushing a decline below 29160.