Bitcoin's correction phase after the bull cycle has put the holders in doubts. Over the past week, the leading coin has lost scrutiny due to several micro and macro factors. Today, after a breakdown from the monthly support it appears the prices may fall further.
The immediate 6% level at $25000 controls the market feeling, if the prices hold this level and recover soon then prices may resume the uptrend. Though it may be difficult to predict the exact bottom; the prices are likely to maintain around the 50% Fib retracement for some time. The pullback opportunities to gain from this correction phase will strengthen when BTC closes the daily candle above $27000 once again.
The buying pressure near $25000 will determine the end of this bearish leg and let Bitcoin move back towards the key monthly resistance. Until then, traders must tread carefully and look for cryptocurrency-based investments carefully.
Ivanna Patel
- 2023-05-12
Post-Bull Cycle Bitcoin Analysis - Predictions and Pullback Opportunities
After the Bitcoin bull cycle, BTC prices have dropped considerably due to several factors. Get an analysis on the current market situation, predictions and pullback opportunities with Bitcoin.
