Despite the Crash to $25K, is a Bitcoin Bull Market Still in Play? (BTC Price Analysis)

On the daily timeframe, the price has been rejected from the $30K resistance level multiple times in recent months.

The last rejection from this level and the 50-day moving average near the same price have initiated a significant drop to the downside. BTC has broken below the critical 200-day moving average around the $28K mark. This is a vital trend indicator, and a drop below it points to a potential bearish shift.

Meanwhile, The $25K support currently holds the price, preventing it from dropping deeper. Still, with the overall market structure looking bearish, there is a considerable probability for a pullback to the 200-day moving average and a further continuation lower in the coming weeks.

#bitcoin $BTC