Highlights of the storyDue to favorable market conditions for bears, Bitcoin prices fell below $28000 in early trading hours.The market continues to be bearish as external factors have had a profound impact on the rebound and are expected to dominate for a long time in the future
Highlights of the story
- Due to favorable market conditions for bears, Bitcoin prices fell below $28000 in early trading hours.
- The market continues to be bearish as external factors have had a profound impact on the rebound and are expected to dominate for a long time in the future.
- Join us, official account: Chen is bad, not bad
Bitcoin prices have risen in the past few weeks, soaring to over $30000, reaching an annual high of nearly $31000. Although market participants are very bullish on star cryptocurrencies, a significant bearish trend is starting to drag down prices. Although macroeconomic conditions are favorable for the crypto market, BTC prices have not maintained a good upward trend.
One of the main reasons for this situation may be that the broader market conditions may be bearish, as the ongoing banking crisis may lead to a significant loss of liquidity. As a popular analyst has correctly emphasized, DonAlt, S&P, and gold have shown strength, while the US dollar has weakened with the widespread banking FUD. Nevertheless, BTC prices have not gained momentum.
In addition, analysts also believe that the views of market participants have changed over time. At present, they are more focused on making money, rather than holding for a long time to achieve greater returns. Therefore, PEPE and other tokens have successfully soared by over 3000%, entering the top 50.
In order to exacerbate the situation in the encryption field, the regulatory environment is also undergoing strict changes, with each company and exchange undergoing in-depth scrutiny. Nevertheless, Bitcoin still has some room for growth. Undoubtedly, BTC prices have been bearish in the past few days, but they still hold onto three strong support levels, the first being $27000, which has been strong for several months.
The next level is approximately $26142, and the third level is consistent with the 100 day EMA level, which is approximately $25000, which is one of the key levels. Currently, prices are in an important support area between $27430 and $28250, with 1.58 million addresses purchasing 560000BTC. Therefore, prices need to be maintained at these levels, otherwise if the address falls into losses, it may generate a new bearish wave. On the positive side, flipping may push the BTC price up to over $29000.
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