empty
15.05.2023 10:43 AM
Bitcoin tests $25.5k level and is at crossroads

The previous trading week turned out to be bearish for Bitcoin. The asset was declining within the local downward trend to the $27k level. Subsequently, the correction was exacerbated due to a spike in volatility, and the asset continued to decline to $26k.

This image is no longer relevant

By the end of Friday, the Bitcoin price managed to test the local low near the $25.5k level. It is in this range that large volumes of liquidity, formed by investors during the price consolidation above $26k, are located. However, we did not see a strong reaction from buyers over the weekend, indicating the likelihood of further decline.

Will Bitcoin go even lower?

Bitcoin has been in a correction phase for over a week, and during this period, the asset has achieved the main correction targets. The BTC price managed to reach the $25.5k level, but we only saw a reaction from buyers on Monday when the price managed to recover above $27k.

This image is no longer relevant

This recovery growth can be called a "dead cat bounce," as the buyers' positions have clearly weakened. It is not expected that the pullback after the correction could be strong enough to reverse the trend, as trading volumes remain low and market sentiment is pessimistic.

This image is no longer relevant

At the same time, it should be noted that Bitcoin has fully implemented the "head and shoulders" pattern, which indicated a trend reversal. The cryptocurrency price has reached the ultimate potential of this pattern, and the long lower wick of the last candle indicates a local profit taking.

Bitcoin at a crossroads

Despite the realization of the final potential of the "head and shoulders" technical analysis pattern, as well as the local upward pullback of the BTC price, we cannot state the completion of the corrective movement. The $25k–$25.5k level is the basis of the upward trend, which allowed BTC to reach the $31k level, and its breakdown will lead to the destruction of the structure of the upward trend.

This image is no longer relevant

Given that the bulls did not play back the $25.5k test, and the price managed to trade near the $26.5k level for a while, we should consider the probability of exacerbating the downward trend. In other words, the weakness of the buyers puts Bitcoin at a crossroads, where one of the movement options is the destruction of the structure of the upward trend.

Bearish scenario

The bearish scenario for Bitcoin would be a local consolidation near $27.5k, followed by a further plunge towards the $25k–$25.5k range. In this scenario, BTC/USD has the potential to make a bearish breakdown at the $25k level and start moving towards $24k. As it has become clear, no strong buyer is found below $26k, and therefore, the price can be pressured further.

This image is no longer relevant

The local support level for the Bitcoin price on the way to $24k could be the $24,650 mark. This is where the local accumulation stage took place, so there is a chance for an attempt to buy back the price and start a recovery movement. However, if this mark is broken and further decline to $24k, the structure of the upward trend is completely broken, and the key target for the correction becomes the $20k level.

Bullish scenario

In the bullish scenario, after local consolidation, Bitcoin manages to defend the $26k level during subsequent attempts at bearish pressure. The key target for buyers at this stage is to maintain the structure of the upward trend. To do this, it is necessary to protect the $25k level and restore the cryptocurrency price above the $28k mark.

This image is no longer relevant

However, as of 08:00 UTC on Monday, the probability of a bearish scenario is higher. There is no strong buyer in the market, and the local positive of technical indicators is negated by the sharp downward peak of the MACD and bearish sentiment. The situation may change with the opening of the U.S. markets, but at the moment, there is a total dominance of bears in the BTC market.

Pilih carta masa
5
min
15
min
30
min
1
jam
4
jam
1
hari
1
minggu
Jana pendapatan melalui perubahan kadar mata wang kripto dengan InstaForex.
Muat turun MetaTrader 4 dan buka dagangan pertama anda.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    SERTAI PERADUAN

Artikel yang dicadangkan

Analisis Gelombang BTC/USD pada 24 Mac: Bitcoin Meneruskan Fasa Pembetulannya

Pasangan BTC/USD berjaya menghentikan penurunan terkininya. Corak gelombang semasa kini menunjukkan potensi kenaikan jangka pendek bagi mata wang kripto terkemuka dunia. Struktur gelombang memberi isyarat fasa pembetulan Analisis gelombang

Chin Zhao 10:01 2025-03-24 UTC+2

Cadangan Dagangan untuk Pasaran Matawang Kripto pada 24 Mac

Bitcoin dan Ethereum mencatatkan peningkatan ketara hari ini selepas hujung minggu yang agak perlahan, menandakan selera risiko pelabur yang semakin meningkat walaupun dalam keadaan pasaran yang tidak menentu. Data terkini

Miroslaw Bawulski 08:54 2025-03-24 UTC+2

Analisis Teknikal Pergerakan Harga Harian Mata Wang Kripto Bitcoin, Jumaat 21 Mac 2025.

Dengan kemunculan Perbezaan antara pergerakan harga Bitcoin dengan penunjuk Stochastic Oscillator dan corak Bullish 123 diikuti oleh Bullish Ross Hook (RH)), dalam masa terdekat Bitcoin berpotensi untuk menguji tahap 86611.34

Arief Makmur 06:18 2025-03-21 UTC+2

Analisis Teknikal Pergerakan Harga Intraday Matawang Kripto Ripple, Jumaat 21 Mac 2025.

Jika kita melihat carta 4 jam bagi mata wang kripto Ripple, kelihatan terdapat Perbezaan antara pergerakan harga Ripple dan penunjuk Pengayun Stochastic serta kemunculan corak 123 Menaik yang diikuti oleh

Arief Makmur 06:18 2025-03-21 UTC+2

Bitcoin mensasarkan untuk mencecah $90,000

Susulan mesyuarat Rizab Persekutuan semalam, di mana bank pusat kehabisan hujah kukuh untuk mengekalkan kadar faedah pada paras tinggi, Bitcoin dan Ethereum telah menyambung semula pergerakan menaik mereka. Walaupun

Jakub Novak 09:32 2025-03-20 UTC+2

Cadangan Dagangan untuk Pasaran Kriptowang pada 20 Mac

Bitcoin dan Ethereum telah mengalami peningkatan selepas mesyuarat Rizab Persekutuan semalam, yang menunjukkan bahawa kadar faedah mungkin perlu diturunkan. Tidak kira berapa lama Fed berhasrat untuk mengekalkan dasar monetari yang

Miroslaw Bawulski 08:22 2025-03-20 UTC+2

Cadangan Dagangan untuk Pasaran Mata Wang Kripto pada 19 Mac

Bitcoin dan Ethereum menghadapi cabaran sekali lagi selepas penjualan baru-baru ini di pasaran saham AS, tetapi pembeli dan pemain utama sekali lagi menunjukkan kekuatan mereka dengan membeli semua pergerakan penurunan

Miroslaw Bawulski 09:01 2025-03-19 UTC+2

Cadangan Dagangan untuk Pasaran Mata Wang Kripto pada 18 Mac

Pembeli Bitcoin dan Ethereum berusaha untuk mencapai pertumbuhan yang lebih ketara, dan seketika, pasaran yang menaik mungkin mendapat harapan untuk kembali. Walau bagaimanapun, mereka tidak dapat mempertahankan paras tertinggi yang

Miroslaw Bawulski 08:00 2025-03-18 UTC+2

Bitcoin dan Ethereum Bergelut untuk Bertahan

Bitcoin dan Ethereum terus berusaha untuk meningkat, walaupun menghadapi kesukaran setiap kali. Namun, peluang untuk kembali ke pasaran menaik masih agak tinggi. Selepas kejatuhan ketara ke sekitar $82,000, Bitcoin telah

Jakub Novak 09:32 2025-03-17 UTC+2

Analisis Teknikal Pergerakan Harga Harian Cryptocurrency Uniswap, Jumaat 14 Mac 2025.

Dari apa yang dilihat pada carta 4-jam bagi mata wang kripto Uniswap, walaupun kini masih berada di bawah tekanan, ia ditunjukkan oleh pergerakan harga yang bergerak di bawah EMA (21)

Arief Makmur 07:03 2025-03-14 UTC+2
Tidak boleh bertanya sekarang?
Tanya soalan anda di Ruangan bersembang.
Panggilan semula Widget
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.