Over the past week, the price of Bitcoin has been fluctuating below the resistance level of $26,600 to $28,900, indicating a potential loss of bullish momentum. This trend suggests that the market may be experiencing a period of exhaustion, which could lead to a shift in the direction of the cryptocurrency's value.
#bitcoin has experienced a tumultuous ride in recent weeks, marked by unpredictable spikes and drops that have left investors feeling uneasy. However, a surprising turn of events has left many scratching their heads as to the cause of this sudden surge.
The bullish megaphone pattern remains valid and suggests a potential surge in Bitcoin's value, possibly reaching $34,000. Currently, the market is witnessing a fierce battle between the Bulls and Bears for dominance.
#BTC fell sharply, falling below the $27,000 mark and finding support at the $26,600 mark. Nevertheless, the price rapidly recovered, making a low near $27,008 and begin a fresh rise. BTC recovered all of its losses and surpassed the $27,500 barrier level. Bitcoin is still trading above the $27,600 level and the 200 hourly simple moving average.
Bitcoin is immediately facing resistance at $27,700. Yet, the next important resistance level is also close to $28,000. If the price can close above this level of resistance, it might lead to another large rise. In this case, the price may increase to $28,800. If the price rises further, it may hit the $30,000 barrier level.
If Bitcoin fails to break through the resistance level of $27,700, it may fall much more. Nonetheless, there is an immediate support level at $27,000 present. Nevertheless, the next key support level is located at $26,600. If the price continues to fall, it might approach the $26,000 support level. The following key support level is close to the $25,300 level.
KEY LEVELS :
RESISTANCE LEVEL : $27,800-$28,200
SUPPORT LEVEL : $27,000-$26,600
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
