Bitcoin’s price risks more downside, with $28,000 now a key level to hold in order to avoid a return to the mid-$20,000s.
Bitcoin (BTC) hit new intraday lows on April 21 as traders warned that $25,000 might come next.
Trader: $25,000 BTC price would be “absolutely fine”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD struggling to preserve $28,000 as support on Bitstamp.
The pair looked “weak,” in the words of one analyst, as overnight events failed to resurrect any sign of its previous uptrend.
#Bitcoin is currently showing weakness.
— Michaël van de Poppe (@CryptoMichNL) April 21, 2023
Broke back in the range, lost one of the crucial levels.
Final crucial level is at $27,600. Could take liquidity beneath, but needs a fast recovery.
If not, and no break of $28,800, then I suspect we'll see $26,200. pic.twitter.com/TuCaFq8eIk
Amid local lows of $27,828, prognoses for Bitcoin now focused on a potential return to the area around a key trend line.
“Bitcoin testing our key local demand at 28k and not getting the best reaction. If this level is lost, 25-26k is likely tested but this is no cause for concern,” Credible Crypto summarized alongside a YouTube video.
The video further described a return to $25,000 as “absolutely fine” and still an example of “a little bit of a deeper pullback” rather than a significant trend change.
The area around $25,500 constituted Bitcoin’s 200-week moving average — a support level originally lost in 2022 and only reclaimed in recent weeks.
A slightly more optimistic Crypto Tony nonetheless eyed the potential for a long position on the day.
“Approaching a high volume node + the EQ of his range. I am looking to play a long scalp here once I see the bulls stepping in,” he told Twitter followers.
“Another play if the bears take over, is to short a loss of the range down to the range low at $26,600.”
One gap down, more to come?
The return to $28,000 meanwhile “completely” sealed a gap in CME Group's Bitcoin futures.
Related: Can Bitcoin reclaim $30K? Watch these BTC price levels next
This was created earlier in April during Bitcoin’s run to local highs above $31,000, with market insight analyst Mickybull Crypto predicting a return to “fill” it.
In accompanying Twitter commentary, however, he acknowledged that “every” gap, including one much lower down on the chart near $20,000, should see the same fate.
Will get filled sooner or later
— Mikybull Crypto (@MikybullCrypto) April 21, 2023
“Price is currently sitting on TL support. If it loses 28000$, higher chances that we test 25500 - 26000$ and continue upward,” he tweeted as part of an additional analysis on the day.
Magazine: Bitcoin in Senegal: Why is this African country using BTC?
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments