๐๐๐Bitcoin price drops lowest since $73K top, yet uptrend maintains๐๐๐
Bitcoin has fallen 15% from its March 14 all-time high of $73,777 to $61K.
BTC fell 20% after its ATH, the steepest closing decline since FTX lows in November 2022.
Bitcoin consolidates in a falling wedge amid a persistent macro rise.
Trump said "Biden doesn't even know what" crypto is, asking pro-crypto voters to vote for him.
A vertical chop has lowered Bitcoin (BTC) prices since mid-March. Analysts believe the upswing is resilient despite the setback.
Also Read: Bitcoin price declines, but 100-1000 BTC holders buy up
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Bitcoin price has been trading at lower highs since its all-time high on March 14 at $73,777. This dump dropped 23% to the May 2 intraday low when BTC bottomed at $56,911.
As US presidential election campaigns heat up, former President Donald Trump is using crypto and digital assets to gain supporters from this growing industry. He recently said, โBiden doesn't even know what" crypto is, suggesting, โIf you're in support of crypto, you best vote for Trump.โ
Trump embraced crypto and said that he would accept bitcoin campaign contributions to end US crypto animosity.
Bullish signals occur when the price breaks above the falling wedge pattern's top trendline. This breakout indicates buying pressure and a possible trend reversal or uptrend. This breakout may indicate a buy or long position for traders.
Bitcoin price remains in the upper area of the Bollinger Bands indicator, far above the centerline (a Simple Moving Average) tracking the price from below at $56,718. This confirms bullish momentum. Price volatility is modest due to its near to the SMA.
Bitcoin's immediate support is the $61,452 Smooth Moving Average (SMMA). Bitcoin's upward potential is increased by this support level.
As previously stated by FXStreet, the falling wedge pattern's profit objective is 20% above breakout point to $71,116. Bitcoin may reclaim $73,777 in a positive scenario.
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