Bitcoin has fallen significantly from its high of $31000 in April and briefly broke below the $25000 level last week. However, there are signs that this downward trend may have come to an end
Bitcoin has fallen significantly from its high of $31000 in April and briefly broke below the $25000 level last week. However, there are signs that this downward trend may have come to an end. Investors began to turn to the market, taking advantage of the decline to find more suitable entry points.
Recently, Bitcoin held the 38.2% Fibonacci retracement position and the $25000 support position of the rising trend from November 2022 to April 2023, which coincided with the line defining the rising trend in seven months.
This week, with the news of the Cryptocurrency exchange EDXMarkets supported by Citadel, Fidelity and Schwab, Bitcoin broke through the resistance level of $27500 and began to recover again.
According to technical analysis, the latest trend of Bitcoin has pushed it above the 50 day moving average. If this rise continues, Bitcoin may test the level of $28700 in the near future, even reaching a high in 2023.
On the other hand, if the seller takes control of the situation and prices begin to decline, the first critical support level will be $27500. If this support point is broken, Bitcoin may fall to a low of $25000 in a short period of time.
At the time of writing, the trading price of Bitcoin (BTC) was $27927, an increase of 4.81% in the past 24 hours.
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