Bitcoin (BTC) hit fresh intraday lows on April 21, while some traders warned that the next price could be $25,000.
Trader: BTC price reaching $25,000 would be “absolutely fine”
Data from Cointelegraph Markets Pro and TradingView showed that The BTC/USD pair was struggling to preserve $28,000 as support on Bitstamp.
The pair looked “weak”, in the words of one analyst, as events overnight failed to resurrect any signs of its earlier uptrend.
#Bitcoin is currently showing weakness.
Broke back in the range, lost one of the crucial levels.
Crucial final level is at $27,600. Could take liquidity beneath, but needs a fast recovery.
If not, and no break of $28,800, then I suspect we’ll see $26,200. pic.twitter.com/TuCaFq8eIk
—Michaël van de Poppe (@CryptoMichNL) April 21, 2023
Bitcoin is currently showing weakness. He broke the range and lost one of the crucial levels. The last crucial level is at $27,600. It could take liquidity below, but it needs a quick recovery. If not, and it doesn’t break above $28,800, I suspect that we will see a drop to $26,200.
Amid local lows of $27,828, bitcoin forecasts now centered on a possible return to the zone around a key trend line.
“Bitcoin is testing our key local demand at the $28,000 level and not getting the best reaction. If this level is lost, the $25,000-26,000 level is likely to be tested, but this is not a cause for concern.” , summarized Credible Crypto along with a YouTube video.
The video described a return to the $25,000 level as “absolutely fine” and still an example of “a bit deeper pullback” rather than a significant trend reversal.
The area around $25,500 was the bitcoin 200-week moving averagea support level that was originally lost in 2022 and has only been picked up in recent weeks.
Crypto Tony was slightly more bullish, and looked at the potential for a long position on the day.
“Price is nearing a high volume node + the EQ of its range. I will look to go long here once I see the bulls step in,” said to his Twitter followers.
“Another play, if the bears take over, is to short a range loss to the bottom of the range at $26,600.”
CME gaps
The return to $28,000 “completely” sealed a gap in CME Group bitcoin futures.
This was created in early April during bitcoin’s run to local highs above $31,000; market insight analyst Mickybull Crypto predicted a return to “fill it up”.
However, in the comment that accompanied his comment on Twitteracknowledged that “all” gaps, including one much lower on the chart near $20,000, should be as well.
Will get filled sooner or later
— Mikybull Crypto (@MikybullCrypto) April 21, 2023
It will fill up sooner or later
“Price is currently at the TL support. If it loses the $28,000 support level, there are higher chances that we will test $25,500-26,000 and continue higher,” part of the additional analysis read. declared on day.
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