Althoughย while numerous expected the Bitcoinย (BTC) price to slump below $25,000, the star cryptocurrency is attempting hard to remain over these levels. It hasย evolved more familiar between market participants to expect a fine plunge below the immediate support levels if the price prints consecutive daily bearish candles. Nonetheless, the more the Bitcoin price plunges presently, the greater the chances of a positiveย tendency rebound, whichย canย potentially prevail for a long time.ย
Despiteย theย factย that the Bitcoin price seemsย to have stuck under an extreme bearish trap, it has been making efforts to break over. Nevertheless, the attempts were unsuccessful, but the rally manifests its strength and the likelihoodย of maintaining an elevated tendency in the longer run. Thisย isย why, a trending analyst, pseudonymously wasย known Negentropic, reveals that the tokenโs hard bottom will set the stage for a strong upward movement.ย
๐ Bitcoin’s Hard Bottom Sets the Stage for an Upward Move!
๐ธ Price dips below $27k, pausing short-term bullish trend identified last week.
๐ธ But fear not! This retracement sets the stage for a stronger upward move.
๐ธ Bottoming out: 200SMA test likely to attract more longโฆ pic.twitter.com/ejnFx9oMyp
— ๐ก๐ฒ๐ด๐ฒ๐ป๐๐ฟ๐ผ๐ฝ๐ถ๐ฐ (@Negentropic_) May 25, 2023
The analyst identifies the hard bottom levels around $25,900 to $26,200 and reveals that the price may soonerย orย thereafter consolidate around these levels and trigger a rebound. It has happened previously when the prices formed a bottom around $15,800 to $16,000. The price hovered within these areas forย aย time and further soared as the Bollinger bands underwent acute contraction.ย
A similar contraction is expected in the coming days, and to do so, the price is required to plunge further. Hence, a fall just below $26,000 to reach the hard bottom around $25,700 or $25,500 isย very possible, whichย canย potentially further attract huge longs. Hence, the analyst reveals hereย
โRisky shorting: Bollinger Bands signal an imminent upward move,โ
