Bitcoin (BTC), the original cryptocurrency, has fallen below $27,000 again. Although BTC is still up 62% since January this year, the asset has suffered a setback in recent weeks. BTC briefly touched $30,000 in mid-April but has since fallen 11.6%.
BTC is currently facing resistance around $27,815 and support at $26,135. Trading View data shows that Bitcoin (BTC)’s Relative Strength Index (RSI) currently stands at 48.19, which could mean the asset is overbought. This leaves room for speculation as to whether BTC could fall further in the coming days.
Additionally, BTC’s Awesome Oscillator is currently pointing to a selling opportunity. This metric raises further doubts about Bitcoin’s bullishness.
Source: BTC/USDT chart by trade view
Popular crypto researcher Micheal van de Poppe also spoke of BTC falling below $27,000. The popular character said he would wait for $26,500 or $25,000.
Wanted to keep #Bitcoin above $27,000-27,200.
Didn’t happen stopped on my longs and waiting game.
If we retake this area then try again or wait for a $26,400 and/or $25,000 sweep now.
— Michael van de Poppe (@CryptoMichNL) May 18, 2023
However, BTC could also fall below Poppe’s expectations.
Will Bitcoin keep falling?
There is a good chance that the original cryptocurrency could slowly drop towards $24,000-$22,000. This level has plenty of liquidity and is a good point for BTC to bounce back from. Additionally, the $22,000 level is a point where a lot of institutional money could flow. It is possible that current prices are not attractive to institutions, and a further drop could lead to more interest from this group.
Although US inflation has eased this month, the global financial woes are far from over. US inflation is still more than double the Fed’s 2% target. Although there is talk of a rate cut, there has been no confirmation from the Fed so far. As such, not much is happening to help Bitcoin’s cause. However, many investors and experts are eyeing 2024 to see another healthy upswing. At press time, BTC is trading at $26,883, down 1.9% over the past 24 hours.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.