#Bitcoin Slips, May Break Below $27k Marking April 2023 Lows
Past Performance of Bitcoin
Bitcoin is down 4% on the last trading day, dropping below $28k, and inching closer to
27K
, an important support level. This reaction points marks April 2023 lows. If lost, BTC may break out, slipping towards
25K
in continuation of losses posted from April 19.
#Bitcoin Technical Analysis
In the daily chart, BTC is down 12% from April highs, dropping lower as the upside momentum fades. Even though buyers are in control from a top-down preview, a head-and-shoulder pattern has formed in the daily chart. Primary support is at
27K
, marking April 2023 lows. Therefore, with sellers pressing on, albeit with low volatility since BB are nearly horizontal, traders can watch out for how prices react at $27k. Ideally, a breakout with expanding volumes could see BTC drop to as low as $25k. Any upswing above $28.3k and $30k, reversing recent losses, will invalidate this bearish outlook.
What to Expect from #BTC?
Buyers are confident that prices will recover. Even so, losses have been steep, and the coin is at the cusp of breaking a critical, multi-month support level. Any drop below this line may mark the beginning of a leg down, pressurizing coin holders.
Resistance level to watch out: $28.3k
Support level to watch out:
27K
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin is down 4% on the last trading day, dropping below $28k, and inching closer to
27K
, an important support level. This reaction points marks April 2023 lows. If lost, BTC may break out, slipping towards
25K
in continuation of losses posted from April 19. #Bitcoin Technical Analysis
In the daily chart, BTC is down 12% from April highs, dropping lower as the upside momentum fades. Even though buyers are in control from a top-down preview, a head-and-shoulder pattern has formed in the daily chart. Primary support is at
27K
, marking April 2023 lows. Therefore, with sellers pressing on, albeit with low volatility since BB are nearly horizontal, traders can watch out for how prices react at $27k. Ideally, a breakout with expanding volumes could see BTC drop to as low as $25k. Any upswing above $28.3k and $30k, reversing recent losses, will invalidate this bearish outlook. What to Expect from #BTC?
Buyers are confident that prices will recover. Even so, losses have been steep, and the coin is at the cusp of breaking a critical, multi-month support level. Any drop below this line may mark the beginning of a leg down, pressurizing coin holders.
Resistance level to watch out: $28.3k
Support level to watch out:
27K
Disclaimer: Opinions expressed are not investment advice. Do your research.
