Bitcoin Price Analysis: BTC Bulls Must Defend Support Level Around $25K To Reclaim $28k Soon

The post Bitcoin Price Analysis: BTC Bulls Must Defend Support Level Around $25K To Reclaim $28k Soon appeared first on Coinpedia Fintech News

Bitcoin (BTC) price continued to precariously hang around $26k on Friday ahead of today’s Fed Chair Jerome Powell’s speech at the Economic Policy Symposium, which is held in Jackson Hole, Wyoming. The event that will be attended by high profile figures including ECB president Christine Lagarde is expected to shed light on the measures taken to fight high fiat inflation. With the US dollar inflation at about 5.5 percent, crypto traders will closely be monitoring the Fed Chair’s speech to determine the next probable inflation outlook.

Bitcoin Price Analysis

Having lost crucial bullish support level around $29.1k last week, Bitcoin price has been trapped in a new bearish outlook. According to a popular digital asset analyst, Crypto Tony, odds are very high for a Bitcoin dip towards $25k in the coming weeks.

The analyst told his 333k X platform followers that Bitcoin weaknesses have held the bulls hostage but could soon recover if the support level around $25k holds. Should the support level around $25k hold, the analyst expects the bulls to push higher towards $28k.

According to Cheeky Crypto analyst, the Bitcoin bears are likely to push lower eventually towards $22k based on the Elliott Wave Principle.

Cheeky Crypto analysts argued that the 200 and the 50 EMA are currently acting as a strong resistance level that significantly bolsters the bearish outlook. Moreover, the death cross on the weekly time frame has been a glaring bearish outlook since it happened for the first time in the history of Bitcoin last year.