Bitcoin price approaches key support levels to avoid ‘cascade south’

Bitcoin price approaches key support levels to avoid ‘cascade south’

After an initial surge in December, Bitcoin price has been languishing around a range of key support levels. The next major milestone for the cryptocurrency will be to continue its climb towards $10K and beyond without any serious pullbacks that may break it out of this consolidation period.

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Bitcoin is an open-source, peer-to-peer digital cryptocurrency that has seen a significant amount of speculation and interest in recent months. The price of bitcoin has been on the rise with some key support levels being approached to avoid a cascade south. Read more in detail here: bitcoin price prediction.

Bitcoin price approaches key support levels to avoid ‘cascade south’

Bitcoin (BTC) clung near $29,000 at the Wall Street open on May 27 as key support levels were just a few hundred dollars away from current pricing.

Bitcoin price approaches key support levels to avoid ‘cascade south’1-day candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.

Traders want a higher low than $28,000.

In a disappointing week of price activity, data from Cointelegraph Markets Pro and TradingView indicated that volatility was once again dwindling.

On the day, BTC/USD was stuck in a tight range, and Cointelegraph writer Michal van de Poppe believes it wouldn’t take much to upset the current quo.

“Technically speaking, when it comes to Bitcoin, you definitely want to see a higher low occur here, and if that occurs, we can start seeing continuation,” he stated in his most recent YouTube post.

To prevent a repetition of the week’s $28,000 low and risk giving up the opportunity of a higher low construction, levels to hold today were close by — $28,600 and $28,200.

“If that’s lost, I’m expecting us to go to about $26,000, at which point we’ll start sliding south even further,” he said.

Commentator Bob Loukas was also concerned, keeping an eye on the Bollinger Bands volatility indicator throughout the day to warn of an impending upheaval.

$BTC – Weak and not looking good there, no need to rush with the major trend down.

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Early in the cycle, there should have been at least a rally as a result of some surrender. Keep yourself protected. pic.twitter.com/fYfZka2R1C

May 27, 2022 — Bob Loukas (@BobLoukas)

Across social media, there was a general consensus that crypto was about to make a capitulatory move, which has been the case for some weeks.

Bears benefit from in-profit supplies.

Looking at the network as a whole, however, raised fears that low costs would not last.

Small Bitcoin whales may be preventing BTC price ‘capitulation,’ according to study

Kripto Mevsimi, a contributing analyst at on-chain analytics platform CryptoQuant, formed gloomy conclusions after analyzing the proportion of supply in profit.

According to him, around 55 percent of the supply is now profitable, and based on historical patterns, additional price capitulation needs come to offer some assurance of a macro bottom.

However, before the ultimate plunge, there should be a sideways phase for BTC/USD. This would align current price performance with the bear market of 2018 and the collapse in March 2020.

“After that, expect 2–3 months of monotonous price activity. Then there’s the possibility of a final surrender with a 30–50% additioniti “nal price reduction,” he said.

The three periods were contrasted in an accompanying graphic, starting with the peak of $20,000 in 2017.

Bitcoin price approaches key support levels to avoid ‘cascade south’Annotated chart of Bitcoin supply in profit vs. BTC/USD. CryptoQuant is the source of this information.

The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.

Ethereum is a cryptocurrency that has seen its price drop over the past few weeks, but it looks like the market may be stabilizing. The “ethereum price usd” is approaching key support levels to avoid what could have been a cascade south.

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