In terms of short-term BTC price trends, it is becoming increasingly difficult to find bullish voices.Bitcoin fell below $28000 on May 9th as the market prepared for macroeconomic data release
In terms of short-term BTC price trends, it is becoming increasingly difficult to find bullish voices.
Bitcoin fell below $28000 on May 9th as the market prepared for macroeconomic data release.
Bitcoin remains silent on the eve of CPI
According to data from CointelegraphMarketsPro and TradeView, when Wall Street opened on the same day, the price of BTC/USD was close to $27700.
The currency pair suffered greater losses the day before, hitting a local bottom of $27300 so far.
Traders hope to provide some urgently needed volatility in the form of the April US Consumer Price Index (CPI) on May 10th.
Bitcoin is still showing a downward trend, as $27800 is now a resistance level. I expect it to fall again, and then we are ready to long your expectations for CPI, "Micha lvandePoppe, founder and CEO of trading company Eight, told Twitter followers in an update.
VandePoppe added that to maintain recovery, there is still a bullish divergence in trading volume.
Others are clearly not so optimistic, as the popular trading resource Game of Trades predicts a bearish trend is imminent.
The confirmed segmentation will have an implicit target near the $24000 area, "it added the day before.
In some of his own analysis that takes a similar stance, trader CryptoTony continues to warn of more downside space.
Once we lose $27000, things will escalate from here, "he argued.
$25200 to $24200 is my current main goal, and I will make a profit there
Incorporate bearish arguments into realized price data
At the same time, the on chain analysis platform CryptoQuant focuses on its own goals and suggests using the achieved price clusters as potential support.
In a Quicktake blog article on May 10th, author Abramchart marked the area around $25600 as a noteworthy area.
This is achieved by using the UTXO age group indicator, which measures the price of the final movement of various BTC queues.
The recent support area is 25619, which represents the average purchase price of wallets that have purchased Bitcoin over the past 3-6 months, "Abramchart concluded.
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