Bitcoin Price Analysis: Is Crash to $27K Imminent? Key Factors to Watch

• Bitcoin’s price is currently consolidating below the $30K level, with the 50-day moving average at the $29K mark.
• The 4-hour chart indicates that in case Bitcoin fails to climb above $30K again, the $27,500 support level would likely get tested.
• Over the past two years since it peaked at $69K, Bitcoin has experienced significant fluctuations due to various factors such as overall macro trends and liquidity environment.

Bitcoin Price Analysis

Bitcoin’s price is yet to recover above the $30K level after falling below a few days ago. However, the price is currently being supported at around $29,000.

Technical Analysis

On the daily timeframe, the price has been consolidating in a very tight range below the $30K level. The 50-day moving average is around the $29K mark at the moment. If it gets broken to the downside, the 200-day moving average located around the $27K level would be the next probable target in the short term. On the other hand, if the market rebounds and breaks above

Related Posts