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.
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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.
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.
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