Calm down Bitcoin holders The coin might bounce back
Bitcoin stood at the $27k level for a brief time. But the Bitcoin holders must calm down, the coin may bounce back soon.
- Bitcoin fell down to the $25k after reaching $27k
- Though the conditions may seem grim there is hope for Bitcoin to grow in the Future.
BTC bulls meet a significant retest of the RSI support level
On 22nd April 2023, the price of Bitcoin was struggling to hold its ground at the level of $27,000. On the same day, US equities manages to secure modest gains while Bitcoin experienced a drop.
The data from different sources show that the coin may decline further to $25,000. Till the 22nd Bitcoin was down by 10% for the week while for the entire month of April, the coin went down by 4%.
The shift in the Bitcoin price movements seems quite dramatic contrary to its well performance in the Q1 of 2023. Now as per the Relative Strength Index of Bitcoin the coin may have reached the key technical level of support. But if the coin is able to hold above that support level it may provide a bullish signal for Bitcoin.
There was still hope for the coin to regain its prior momentum in the long term. Some popular figures from the trading community said that people must not be afraid of the $2000 pullback after the amazing growth Bitcoin has been through.
They consider this price action common in crypto markets. As the charts indicate and most of the community expects that the coin will bounce back soon.
More platforms suggested that the coin may bounce back even if not immediately. They say that even though the short-term price action of the coin may seem grim but the coin holds a strong future ahead of it.
Increased Buy interest in the coin
The current 200-week MA of the coin indicates to analyze long-term price trends, it sits at $25,850. $25,000 represents a significant support level for Bitcoin.
However, despite it all, there are still favorable conditions for the sellers. As the current conditions still seem to be favoring the liquidation of the traders.