Bitcoin Price Analysis: Is $BTC Price Heading Back to $25000?
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 the 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.
Source-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 EMAs giving an extra edge to short-sellers.
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