Bitcoin short sellers are winning! $28000 next?

BTCUSDT

Uptrends are often accompanied by pullbacks, which not only eliminate weaker investors but also create opportunities for traders to add to their positions or enter the market. Currently, Bitcoin is experiencing a correction as bulls and bears fight for control. However, the question remains whether this is an opportunity to buy or the start of a trend reversal.

The Crypto Fear & Greed Index has climbed to 69, indicating that traders are becoming greedy once again. It is necessary to exercise caution in the near term when new traders begin chasing prices higher, as experienced traders tend to sell into strength and buy on dips.

On April 14, Bitcoin declined from 31 ,000, indicating that bulls were taking profits. The bears will likely try to take advantage of this situation and pull the price down to the 20-day EMA ( 28 ,937).

If the price rebounds from the 20-day EMA, it will indicate positive sentiment among traders who view the dips as a buying opportunity. In that case, the bulls will make another attempt to push the price up to the critical overhead resistance at 32 ,400. A break and close above this level may unlock the potential for a rally to 40 ,000.

However, if the price drops below the 20-day EMA, this optimistic view will be invalidated in the short term. This development may embolden the bears, who could then attempt to bring down the BTC/USDT pair to 27 ,800 and, subsequently, 26 ,500.

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