Bitcoin price extended its decline below the $28,000 support, testing the $27,650 level and forming a low near $27,664. The price is now consolidating losses and attempting a minor upside correction. BTC needs to hurdle key resistances at $28,500 and $29,000 in order to begin another recovery trend. Immediate support on the downside is near the $27,650 level, below which the price could dive toward the $26,500 support zone. Technical indicators are showing bearish signals and a bearish continuation towards $25,500 is likely in the near term.
Julia Nelson
- 2023-05-02
Bitcoin Price Facing Heavy Selling Pressure
Bitcoin Price has extended its decline below the $28,000 support and is currently testing the $27,650 level. BTC needs to hurdle key resistances around the $28,500 and $29,000 levels in order to begin another recovery trend.
