Key Findings: BTC Technical Analysis
- Bitcoin encounters a huge supply near the resistance at $28,500.
- The price must hold above the current support at $27,000 to sustain the overall bullish momentum.
- BTC price may drop to $23,000 and reverse for a bearish trend if the price slides below $27,000.
- For a bullish outlook, the next upside target remains at $30,000.
The Bitcoin price has been consolidated below a significant resistance level over the past week; its inability to break through this level can lead the price to a bearish reversal.
According to the Glassnode Alerts, its percent supply last active 2+ years has exceeded the previous ATH (52.482%) and reached 52.498% on March 25, 2023.
Market experts believe that BTC failed to break the $28,500 mark leading short-term investors to liquidate their holding positions in the crypto coin.
Technically, Bitcoin will risk sliding toward $23,500 if it fails to hold above the current support at $27,000.
Bitcoin Technical Analysis
Bitcoin price has been consolidating and continuously getting rejected from the resistance at $28,500 since March 19, 2023. The price is currently heading near the immediate support at $27,000.
From the technical point of view, a breach at the current support may force the price for a bearish trend reversal and force the price to retest the long-term support zone near $23,500.
BTC still holds bullish momentum as the 21 and 50 EMA waving above the 100 EMA, plotting a bullish crossover. If the price decides to go bearish for a correction at this point, we’ll watch for bullish reversals near the EMAs’ dynamic supports, expecting Bitcoin to rejoin the uptrend move before hitting $23,500.
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