Past Performance of Bitcoin Bitcoin is down 4% on the last trading day, dropping below 28k, and inching closer to FWB:27K, an important support level. This reaction points marks April 2023 lows. If lost, BTC may break out, slipping towards FWB: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 FWB: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: FWB:27K
Disclaimer: Opinions expressed are not investment advice. Do your research.