BTC Price Prediction: Bitcoin Price Coiling up Before the Next Correction Cycle; Back to $25000?
BTC Price Prediction: the Bitcoin price turned down from the $31000 high during mid-April and triggered a new correction phase. This retracement has plunged the coin price by 12.38% within a fortnight and plunged the prices to the $17250 mark. This support most likely caused a temporary halt so sellers can recuperate bearish momentum for further rallies. Here are the key levels to watch amid the current correction.
Key Points
- The Bitcoin price breakout from the current range formation will determine the near future price movement
- With a higher possibility, a breakdown below the range support of $17250 will pull the Bitcoin price to $16750 mark.
- The intraday trading volume in Bitcoin is $15.4 Billion, indicating a 5.43% loss
Source-Tradingview
Over the past three days, the Bitcoin price had been wobbling in a narrow range from $27900 to $27250. After a significant drop, this consolidation is a short break where the rising buying pressure gets neutralized, and the sellers eventually resume the prevailing downfall upon the breakdown of range support.
If the 4-hour candle closes below the $27250 support, the selling pressure will accelerate and plunge the prices to the immediate support of $26750 accompanied by a 32.8% Fibonacci retracement level.
Also Read: What Are Bitcoin Ordinals And How Do They Work?
This aforementioned level is a crucial level to watch as buyers may have regrouped near this support to offset the ongoing retracement. A bullish reversal from $26750 will encourage buyers to rechallenge the $30000 mark.
Conversely, a breakdown below $26750 will dump the price straight to a 50% retracement level of $25200-$25000.
Technical Indicator
Relative Strength Index: A bullish divergence in the 4-hour RSI indicates rising buying pressure in the market as buyers try to wrestle for trend control.
Exponential Moving Average: the 20 EMA slope acts as a dynamics resistance currently carrying the ongoing correction phase.
Bitcoin Price Intraday Levels
- Spot rate: $27397
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $27900 and $2900
- Support levels- $27250 and $26750
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