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 post BTC Price Prediction: Will Bitcoin Price Regain $30000 Mark Before April End? appeared first on CoinGape.
from CoinGape