BTC Price Prediction: Bitcoin Price Coiling up Before the Next Correction Cycle; Back to $25000?

BTC Price Prediction: the Bitcoin price turned down from the $31000 high during mid-April and triggered a new correction phase. This retracement has plunged the coin price by 12.38% within a fortnight and plunged the prices to the $17250 mark. This support most likely caused a temporary halt so sellers can recuperate bearish momentum for further rallies. Here are the key levels to watch amid the current correction.

Key Points

• The Bitcoin price breakout from the current range formation will determine the near future price movement
• With a higher possibility, a breakdown below the range support of $17250 will pull the Bitcoin price to $16750 mark.
• The intraday trading volume in Bitcoin is $15.4 Billion, indicating a 5.43% loss

Source-Tradingview

Over the past three days, the Bitcoin price had been wobbling in a narrow range from $27900 to $27250. After a significant drop, this consolidation is a short break where the rising buying pressure gets neutralized, and the sellers eventually resume the prevailing downfall upon the breakdown of range support.

If the 4-hour candle closes below the $27250 support, the selling pressure will accelerate and plunge the prices to the immediate support of $26750 accompanied by a 32.8% Fibonacci retracement level.

Also Read: What Are Bitcoin Ordinals And How Do They Work?

This aforementioned level is a crucial level to watch as buyers may have regrouped near this support to offset the ongoing retracement. A bullish reversal from $26750 will encourage buyers to rechallenge the $30000 mark.

Conversely, a breakdown below $26750 will dump the price straight to a 50% retracement level of $25200-$25000.

Technical Indicator

Relative Strength Index: A bullish divergence in the 4-hour RSI indicates rising buying pressure in the market as buyers try to wrestle for trend control.

Exponential Moving Average: the 20 EMA slope acts as a dynamics resistance currently carrying the ongoing correction phase.

Bitcoin Price Intraday Levels

• Spot rate: $27397
• Trend: Bearish
• Volatility: Medium
• Resistance levels- $27900 and $2900
• Support levels- $27250 and $26750

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