Bitcoin's price has recently exhibited a sideways movement, with a noteworthy pattern emerging. It has consistently demonstrated resilience by rebounding when the price reaches approximately $25,600. This occurrence has repeated itself six times. The presence of a sequence of lower price rejection candles suggests the possibility of an impending bullish resurgence.
The daily chart shows consistent rejection candles around the $25,500 support, signifying strong buyer defense. This setup hints at a potential double-bottom formation, often seen at downtrend bottoms, suggesting a rising demand for a bullish reversal. However, Bitcoin's struggle to reclaim $26,500 raises the risk of a near-term downside break. Despite attempts at recovery, BTC remains bearish, with a base forming around $25,570, but upside potential remains limited. The price consolidates below the 23.6% Fib retracement and is well below $26,000 and the 100-hourly SMA.
On the 4-hour chart, Bitcoin seems to be shaping a Head and Shoulders pattern. Despite a prolonged period of sideways movement, it consistently rebounds when the price approaches approximately $25,600, a scenario that has occurred on six occasions. Nevertheless, BTC is encountering resistance in surpassing the 50 EMA. Within the 4-hour timeframe, we observe numerous instances of lower price rejection candles near the $25,500 support, highlighting persistent buyer efforts to uphold this level.
According to Coingabbar Price Analysis, the market capitalization of BTC stands at $502,129,582,175. The 24-hour trading volume is approximately $8,148,811,692.
KEY LEVELS :
RESISTANCE LEVEL : $26,100-$26,500
SUPPORT LEVEL : $25,400-$25,000
Could the Death Cross threaten Bitcoin's $25,000 support level? Has Bitcoin already reached its peak for 2023? Are we on the brink of an extended bear market? What repercussions might we anticipate from the G-20 crypto legislation in the coming days? Please share your views in the box below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
