Price Analysis

Bitcoin Price Analysis: Is $BTC Price Heading Back to $25000?

Bitcoin Price Analysis: A reversal from the channel pattern’s resistance trendline indicates that the BTC price is poised for a longer correction.
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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?

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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.

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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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Brian Bollinger

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

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