Bitcoin’s price risks more downside as $28,000 is now a key level to hold in order to avoid a return to the mid-$20,000s.
Trader: $25,000 BTC price would be “absolutely fine”
The pair looked “weak,” in the words of one analyst, as overnight events failed to resurrect any sign of its previous uptrend.
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.
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 $20,000, should see the same fate.
“Price is currently sitting on TL support. If it loses 28000$, higher chances that we test 25500 – 26000$ and continue upward,” part of additional analysis stated on the day.
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.
Source : Cointelegraph.com