{"id":641108,"date":"2023-04-24T21:05:51","date_gmt":"2023-04-25T02:05:51","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/04\/24\/bitcoin-market-update-is-27000-the-local-bottom\/"},"modified":"2023-04-24T21:05:51","modified_gmt":"2023-04-25T02:05:51","slug":"bitcoin-market-update-is-27000-the-local-bottom","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/04\/24\/bitcoin-market-update-is-27000-the-local-bottom\/","title":{"rendered":"Bitcoin Market Update: Is $27,000 The Local Bottom?"},"content":{"rendered":"
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Bitcoin price has written a red candle in the 1-week chart for the first time after five consecutive weeks. As NewsBTC reported, the price is in a critical zone in the 1-day chart to maintain the long-term uptrend. Therefore, the next few days could be of great importance to determine the trend.<\/p>\n

Was $27,000 Already The Local Bottom For Bitcoin?<\/h2>\n

Co-founders of on-chain analytics solution Glassnode, Jan Happel and Yann Allemann, agree that the bulls remain in control, but need to slowly turn the tide. \u201cBitcoin\u2019s long-term uptrend is intact,\u201d they write, but point to weakened momentum due to low trading volume.<\/p>\n

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As Bitcoin currently hovers near support levels, smaller fluctuations of +\/- $1k are anticipated, while moves between $27.5k and $32k would still be within the normal range as shown by the weekly volatility bands.<\/strong><\/p>\n<\/blockquote>\n

\"Bitcoin
Bitcoin volatility bands | Source: Swissblock Insights<\/a><\/figcaption><\/figure>\n

However, the analysts expect some wicks to the downside. In case of a sustained downside break, the next support area would be at $25,500 to $26,000 . But according to the analysts, the risk is rather low.<\/p>\n

The Bitcoin risk signal is at 0 and looks a bit shaky in the short term despite the recent volatility, but is not indicating any panic selling. The Fear and Greed Index has pulled back from the greed zone to a neutral position at 52 points. Moreover, the analysts argue for a healthy correction in the market:<\/p>\n

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The current market environment, characterized by unrealized profits outpacing unrealized losses (see NUPL on glassnode), implies optimism in the medium and long term.<\/strong><\/p>\n<\/blockquote>\n

Technical analyst Micha\u00ebl van de Poppe expects that there will be a \u201cclassic Monday drop\u201d before there is a reversal. Bullish events this week could be the release of the U.S. Gross Domestic Product for the first quarter (Thursday) and the release of the Core PCE (Friday).<\/p>\n

Crucial for a reversal, according to the analyst, is the price level at $27,800. \u201cDivs in $26,800 area for longs on Bitcoin,\u201d notes the analyst, who also explained:<\/p>\n

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Correction as CME gap came in for Bitcoin. Back towards the resistance, for the second time. If Bitcoin breaks $27,800-28,000 entirely in the coming few days, acceleration towards $29,200 seems next. Funding negative on ETH, so a bounce is getting close.<\/strong><\/p>\n<\/blockquote>\n

\"Bitcoin
Bitcoin price analysis | Source: Twitter @CryptoMichNL<\/a><\/figcaption><\/figure>\n

The renowned trader @exitpumpBTC takes a similar stance: \u201cWant to see manipulation like Monday dump, consolidation with shorts piling up at the lows around $26K and Tuesday recovery with limit chasing by buyer.\u201d<\/p>\n

Analyst Ali Martinez shared the legendary \u201cWall Street Cheat Sheet\u201d on the usual path of market cycles. Traders should ask themselves, how are you feeling today?<\/p>\n

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How are you feeling today about #crypto<\/a>? pic.twitter.com\/nnXj9wgyMZ<\/a><\/p>\n

\u2014 Ali (@ali_charts) April 23, 2023<\/a><\/p>\n<\/blockquote>\n

At press time, the BTC price traded at $27,285.<\/p>\n

\"Bitcoin
Bitcoin price, 4-hour chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from: iStock, chart from TradinView.com<\/p>\n<\/p><\/div>\n

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\"Jake <\/p>\n<\/div>\n<\/div>\n

Read More<\/a>
\n Jake Simmons<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin price has written a red candle in the 1-week chart for the first time after five consecutive weeks. As NewsBTC reported, the price is in a critical zone in the 1-day chart to maintain the long-term uptrend. Therefore, the next few days could be of great importance to determine the trend. Was $27,000 Already<\/p>\n","protected":false},"author":1,"featured_media":641109,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4041,497],"tags":[],"class_list":["post-641108","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","category-market"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/641108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=641108"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/641108\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/641109"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=641108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=641108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=641108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}