Bitcoin Price Analysis Hints More 4-5% Fall this Week; Is it Time to Reaccumulate?
Bitcoin Price Analysis: Amid the recent sell-off in the crypto market, the Bitcoin price failed to sustain above the recently reclaimed $30000 psychological level. As a result, the coin price falling for three consecutive days has registered an 8% drop and plunged to the current price of $28065. Moreover, this recent downfall also breached a support trendline of a rising channel pattern, indicating a higher possibility of a significant correction.
Key Points
- Multiple technical support concentrate near the $27000 creates a strong accumulation zone
- A Breakdown below $27000 will put Bitcoin price under 7.3% downside risk
- The intraday trading volume in Bitcoin is $21.5 Billion, indicating a 7% gain
Source-Tradingview
Over the last four weeks, the Bitcoin price witnessed a sustained recovery under the influence of a rising channel pattern. The buyers have been using this dynamic support as stepping stones to reclaim the higher levels of the chart.
However, amid the increasing selling pressure, the BTC price breached the pattern’s support trendline on April 20th. As of now, the coin price trades at $28065 but with sustained selling the coin holders would likely witness another 4% to reach $27000.
Also Read: Crypto Expiry: Bitcoin and Ethereum Bearish Price Move To Break Key Support Levels?
The aforementioned support aligned with the 0.236 Fibonacci retracement level and 50-day EMA offers a significant footing for buyers to prevent further loss. If the Bitcoin price manages to sustain above the $27000 support, a new higher low formation could bolster the resumption of prevailing recovery.
On a contrary note, a breakdown below $27000 with a daily closing will tumble the price 7.3% and plunge it to the $25200 level.
Technical Indicator
Relative strength index: The daily RSI slope dropped below the midline accentuating the increasing negativity in the crypto market and the possibility of a longer correction.
Exponential Moving Average: In case of potential recovery, the buyers need to successfully flip the recently breached 20-day EMA slope into viable support to gain additional confirmation for a price rally.
Bitcoin Price Intraday Levels
- Spot rate: $28132
- Trend: Bearish
- Volatility: Low
- Resistance levels- $28680 and $31000
- Support levels- $27000 and $25200
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