Is $BTC Price Heading Back To $25000? – Crypto News – Crypto News
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Is $BTC Price Heading Back To $25000? – Crypto News

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Bitcoin Price Analysis: On May 29th, the Bitcoin price turned down from the resistance trendline of the channel pattern, This bearish reversal within the channel indicates the BTC price is likely to continue on a correction path which may also plunge below the $26000 monthly low. Here’s how this pattern could further influence BTC’s future trend.

Also Read: Bitcoin Outperforms Gold, Crude Oil; Bitcoin Bull Run Ahead?

Bitcoin Price Daily Chart

  • Usually, a bearish reversal from this pattern’s resistance trendline recuperates the selling momentum and plunges the price back to a lower trendline.
  • A breakdown below the $27500-$27300 support zone intensifies the supply pressure to prolong the prior downfall.
  • The intraday trading volume in Bitcoin is $15.5 Billion, indicating a 19% gain.

Bitcoin Price AnalysisSource-Tradingview

With an intraday loss of 2.22%, the bitcoin price breached a significant support zone of $27500-$27300. The buyers very recently reclaimed this level, and an instant breakdown indicates the market participants continue to sell on price rallies.

If the daily candle closes below the $27300 level, interested traders may get an opportunity to short-sell and boost the supply pressure in the market. Therefore, the resulting downfall may plunge the BTC price to $24500 creating a new lower low in its ongoing downtrend.

While things look bearish for the Bitcoin price, a decisive breakout above the channel pattern’s trendline will undermine the bearish momentum and may trigger a new recovery rally.

Will Bitcoin Price Break Below $25000?

In theory, a bearish reversal from the resistance trendline of the channel pattern is most likely to trigger a downfall to $25000. Thus, with sustained selling the ongoing bear cycle in Bitcoin may plunge the prices below $26000 and $25200 support to hit the lower trendline near $24600.

  • Directional Moving Index: A DI- slope(orange) crossing above the D+ slope(blue) projects a bear trend sentiment in the market.
  • Exponential Moving Average: Along with the $27300 support breakdown, the BTC buyers also lost the 20-and-50-day EMA’s giving an extra edge to short-sellers.

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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