Published 12 seconds ago
BTC Price Prediction: During early April, the Bitcoin price breached a psychological resistance of $30000 which offered buyers a strong stepping stone to stretch the recovery rally higher. However, the crypto market started witnessing an aggressive sell-off in mid-month as the market participants were still in the fear of rising inflation. As a result, the BTC price plunged below the $30000 level and trapped the hasty buyers in a bull trap scenario.
Key Points
- If the selling pressure persists, the Bitcoin price is poised for another 8% downfall
- The $25300 stands as crucial support to maintain the bullish sentiment in the market.
- The intraday trading volume in Bitcoin is $13.3 Billion, indicating a 25% loss
Source-Tradingview
The Bitcoin price witnessed aggressive selling in the past five days and recorded a 9.75% drop from the $30500 top. With sustained selling, the coin price is likely to test the nearest support of $26750 and $25300 aligned with the 23.6% and 38.2% Fibonacci retracement levels respectively.
Both the aforementioned levels are quite strong and could recuperate the buying pressure in the market.
Also Read: 15 New Cryptocurrencies To Buy In 2023
Anyhow, considering the bigger picture, the ongoing correction in Bitcoin price is likely a retest phase to the inverted head and shoulder pattern breakout of March 17th. In response to this pattern, the coin price should plunge to the $25300 neckline in the coming week or two to replenish the bullish momentum.
Until the $25300 support is intact, the BTC price will remain under the influence of the aforementioned pattern which keeps the overall market sentiment bullish and a possibility of a recovery rally to $35200.
Technical Indicator
RSI: The daily RSI slope diving deeper into the bearish territory indicates the increasing negative sentiment in the market.
EMAs: the Bitcoin price plummeted below the 20-day EMA after five weeks giving an extra edge to short sellers
Bitcoin Price Intraday Levels
- Spot rate: $27600
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $29100 and $32100
- Support levels- $26750 and $25300
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/btc-price-prediction-will-bitcoin-price-regain-30000-mark-before-april-end/