Even after spending two weeks in deep consolidation, the Bitcoinย (BTC) price shows no intentions of reclaiming the higher grounds. Consequently, the sideways tendency continuesย and restricts the Bitcoin price spread betwixt $27500 and $26000 levels. The aforementioned range can be considered as a no-trading zone and thisย isย why, interested traders must wait for a clear breakout before positioning their funds in the market.
Bitcoinย Price Daily Chart
- A potential breakout from the range barrier will determine the near future tendency for BTCย
- An ascending trendline drives the longstanding rally for cryptocurrency holders.
- The intraday volumeย ofย trading in Bitcoinย (BTC) is $14.1 Billion, indicating an 8 percent loss.
In the daily time frame chart, the Bitcoinย (BTC) price shows a long lower price rejection candle at the range support of $26000. This reversal sign signifies the buyers continue to defend bottom support and may continue to a consolidation phase for a longer period.
Anyhow, the short-term tendency in Bitcoinย (BTC) price isย still bearish, and thisย isย why, a downside potential looks more promising to predict. A daily candle closing below $26000 will accelerate the selling pressure to drive a longer correction.
Nonetheless, a potential downfall would face immediate support at $25000 aligned with the 200-day EMA. In a pessimistic scenario, a breakdown below $25000, will plunge the Bitcoin price to the combined support of $24000 and a growing support trendline.
Will Bitcoinย (BTC) Price Dive to $24000?
A Bearish breakdown below the range support of $26000 will signal the resumption of the prevailing correction phase. Ending the two weeksโ consolidation on the bearsโ side will trigger a wholeย lotย of downfall to $24000. The key levelย ofย support that could undermine this potential downfall is $25000.
- Bollinger Band: The midline of the BB indicator acts as a dynamic resistance against growing Bitcoin prices.
- Vortex indicator: The VI- slope(orange) moving over the VI+ slope reflects the bearish tendency remains intact.
