Past Performance of Bitcoin BTC bulls are still struggling at spot rates and with relatively low trading volumes slowing down the rally beyond immediate ceilings. BTC prices are consolidating horizontally at spot rates even though the primary trend is bearish. As per the BTCUSDT arrangement, the immediate resistance level is at May 11 highs of 32k.
#Bitcoin Technical Analysis The path of least resistance is southwards, and bears are still in charge despite recent gains. BTC prices are oscillating horizontally, tethered around the 30k--a psychological price level. Even though buyers are confident and expect higher highs, the likelihood of fresh losses below last week's lows remains pronounced. For now, risk-averse traders may wait for a clear trend definition. Any break above 32k may see BTC expand to 34k in a welcomed recovery. On the flip side, losses below 26.7k could see Bitcoin plunge to 24k or worse in a bear continuation pattern.
What to Expect from #BTC? The increasing adoption wave of the digital gold may offer support in the medium to long term. Presently, the optimism around fundamental factors is yet to bear fruits. BTC is bearish with a strong liquidation line at 32k. Resistance level to watch out for: 32k Support level to watch out for: 26.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.