Bears Control Brings Bitcoin (BTC) Break Key Support levels Raising Concerns
- Bitcoin’s decline, according to JPMorgan, seems to be a sign of surrender.
- Support at $28,630 was a crucial support level and was broken again by the bears.
Bitcoin (BTC) and other cryptocurrencies haven’t followed the stock market’s upward trend since the 25th and 26th of May. As a result, traders aren’t certain that the crypto markets have reached a bottom just yet.
Glassnode, an on-chain monitoring startup, said on May 27 that the number of Bitcoin whales has fallen to its lowest level since July 2020. “Insurance policy against financial catastrophe”: Bill Miller, founder and CEO of Miller Value Partners endorsed Bitcoin investment on May 24.
Bulls Could Not Hold the Bears
Bitcoin’s decline, according to JPMorgan, seems to be a sign of surrender, the bank wrote in a letter to clients on May 25. About 30 percent more than the current price, the bank’s researchers say Bitcoin’s true worth is $38,000. After Bitcoin fell below the $28,630 barrier on May 26, the bulls could not maintain the lower levels.
Support at $28,630 was a crucial support level and was broken again by the bears. A break above the 20-day exponential moving average of $30,868 (EMA) would indicate that the BTC/USDT pair may have bottomed out. The 50-day SMA ($35,721) might be reached if the pair breaks the above level to rise.
A drop in price from where it is now or where it is expected to indicate a lack of interest in the market at greater levels. These factors may make a break below $27,500 more likely in the coming days or weeks. The pair may have to retest the $26,700 level if that occurs. If this mark is breached and closed below, selling pressure might increase, and the pair could fall to $20,000 or below.
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