Highlights of the storyBitcoin prices have fallen from $28000, sparking the possibility of triggering a new wave of bearish sentimentIf the upcoming trend turns bearish, it is expected to form a new low, which may further mark the low point of the 2022-23 bear marketThe cryptocurrency market is attempting to recover from the losses that occurred last weekend, which depleted nearly 10% of global market value. Bitcoin prices have recently reached a low near $27300, with a significant decrease in trading volume, indicating that bulls are still in the buying zone
Highlights of the story
- Bitcoin prices have fallen from $28000, sparking the possibility of triggering a new wave of bearish sentiment
- If the upcoming trend turns bearish, it is expected to form a new low, which may further mark the low point of the 2022-23 bear market
The cryptocurrency market is attempting to recover from the losses that occurred last weekend, which depleted nearly 10% of global market value. Bitcoin prices have recently reached a low near $27300, with a significant decrease in trading volume, indicating that bulls are still in the buying zone.
In addition, recent rejections also indicate the possibility of a bearish breakthrough, which may drag prices towards the expected bottom of $10000 to $12000.
Since the beginning of this year, Bitcoin prices have been following a parabolic recovery, and it seems that they are currently expected to fall below $27000 to touch the curve.
As mentioned earlier, trading volume remains weak, which further increases the risk of continuing a bearish trend. A popular analyst here emphasized the possibility of flagship cryptocurrencies completing important models.
If this happens, prices may fall deep into the lowest support level, as many analysts predict.
An analyst anonymously named ProfitBlue stated that prices are about to form a huge double bottom. Mainly due to the price facing another rejection of around $30000, it is now speculated that this is a possible double bottom neckline.
If the current resistance level expands and falls below the key support level of around $20000, and then falls to a 2022 low slightly below $16000, there is a possibility of hitting a new low below $12000.
However, the market usually only experiences such a large-scale downturn when there is a large-scale collapse after a huge bearish event. In addition, after the collapse of Terra and FTX, the market seems to have become immune to bearish events.
Therefore, it would be interesting to observe events that could trigger such a significant drop in Bitcoin prices, which could also drag down the entire market.
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