2023-05-01 17:16:00
Are bears waking up? – The cryptocurrency sector is not a priority for France, we have seen it with the last influencer law. The information of the day is in Bulgaria, one of the few countries that has BTC. Indeed, the country has no less than 200,000 BTC, which makes it a bitcoin whale. At the start of the week, the price of Bitcoin is falling around $28,000, are the sellers regaining control?
This Bitcoin price analysis is brought to you in collaboration with CryptoTrader and its algorithmic trading solution finally accessible to individuals.
Bitcoin price drops 5% in 24 hours
Bitcoin starts the week in the red. Indeed, the bitcoin price 5% drop in 24 hours :
Despite the fall, BTC has remained in the green for a week. However, within a month, the price of BTC turns red. In three months, Bitcoin climbs more than 20%. The BTC/ETH pair 0.6% drop in 24 hoursEthereum se montre solid against this decline.
Bitcoin Price Stalls at Weekly Resistance Level
With Bitcoin slow motion at the weekly resistance level located around 30 000 $. It’s a polarity area important for BTC:
The institutional bias (EMA 9/EMA 18) is bullishit could act as dynamic support. To continue on the bullish momentumit will be necessary to close above the last peak at $30,950 weekly. A close like this would probably break the weekly resistance. In case of rejectionthe price could fall towards the next rack at $24,500.
The RSI does not show bearish divergenceand it evolves above the bullish trendline. Buyers have their hands on the momentum.
Bitcoin price soon back to $27,500?
In 4H time unit, the price of Bitcoin has blocked at the level of bearish trendline. Buyers need to react quickly to avoid a new wave of decline :
If buyers react here and manage to break the bearish trendlinethe price could reach the resistance at $30,500. On the other hand, there is a non-negligible risk of falling at the level of the rack at $27,500. Passing over 28 500 $buyers had a chance to revive the bullish momentum in 4 hours. For the moment, the bulls do not benefit from it.
The RSI could rebound at the level of the bearish trendline. We should again see momentum with bottoms and bottoms rising.
Bitcoin price seems to be losing momentum around the weekly resistance. This is an area that must be taken over to regain color on Bitcoin and the altcoins. In the short term, the price is slipping dangerously below $28,500, buyers must react quickly. Will the bulls wake up and restart the bullish momentum? Or will the saying “sell in may and go away” take on its full meaning?
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