Bitcoin (BTC) has been going up in price since the start of 2023, but it has started to show indications of a possible reversal. It faced strong resistance at the $30K level and couldn’t break through. Furthermore, it hasn’t been able to sustain support over the previous levels of around $26,500, which is not a good sign.
Nonetheless, reports by Crypto Altcoin Sherpa, Bitcoin (BTC) may slip down to the $25k level. He discussed the present market situation and highlighted that Bitcoin (BTC) and other digital currencies are experiencing a whole lot of decline in value.
He mentioned the importance of the 24K to 25K price range, which has shown whole lot of confluence and resistance in the past. Nonetheless, the past few price fall has breached this range, and he expects a test of the 25K area owing to its confluence with the previous swing high from August 2022.
He likewise pointed out that the 25K level aligns with the 200-day exponential moving average (EMA), further strengthening its importance. He likewise revealed a demand area of around 24.3K, which adds to the overall interest in the price range from 25.3K to 23.6K.
Nonetheless, he likewise expects price to potentially bounce at these key areas, he emphasizes that a true low has not is still been established. Regardless of the present market situation, he maintains his belief in a positive tendency market structure for Bitcoin. He stated that higher highs and higher bottom Line are still being formed, indicating an overall upward trend.
He likewise cautioned that the present market conditions are challenging and recommended being cautious with crypto altcoin bids. He likewise highlighted the likelihood of more liquidity and interest in the price range from 25K to 23K.
Crypto Altcoin Sherpa stated, “If Bitcoin (BTC) goes down to 23K, then alts are going to take a bath. I would definitely be cautious with all coin bids. I would just put them lower.”