BTC Bears Push Price to $28.5K: Bitcoin Price Analysis
• Bitcoin’s price has remained stagnant after being rejected from the critical $30,000 resistance zone.
• BTC is gradually approaching a substantial support range comprising the 100-day moving average and the lower boundary of an ascending channel.
• The current price action within this pivotal support area suggests market indecision, which could potentially prevent additional declines or trigger a cascade effect toward the noteworthy support zone at $25,000.
Bitcoin Price Stagnates After Rejection From Resistance Zone
Bitcoin’s price movement has been stuck in a rut since it was rejected from the critical resistance zone at $30,000.
Potential Support Range Approaching
The digital asset is now heading towards a potential support range that consists of both the 100-day moving average and the lower boundary of a multi-month ascending channel. This important area could be what prevents further drops in price.
Market Indecision Prevails
Analysis of the 4-hour chart reveals that market participants are facing some level of indecision as indicated by small and directionless candles forming near this pivotal support area. If buying pressure strengthens, then there may be a reversal in price. Otherwise, if no such support materializes, then it could lead to a break below these levels and send Bitcoin to its next significant support zone at $25,000.
Key Levels To Watch Out For
The key levels traders should observe are: $30K (resistance), 100-day MA ($28,544) and lower boundary of ascending channel ($28K). A breach below this area could result in cascading effects taking Bitcoin to its next significant level at $25K.
As things stand right now, Bitcoin’s price remains stuck in limbo with both bulls and bears seemingly cancelling each other out near this major support range. Only time will tell if buyers will be able to take control or will sellers push through with their bearish momentum.