The sentiments surrounding Bitcoin lately appeared bullish, but things are still not looking good for the most-traded asset as it remains bearish on the weekly. It currently looks stable with a market dominance of 49.1%.
Last week saw Bitcoin suddenly rebound after testing the $24,900 level (April’s resistance) as monthly support. That bounce brought a notable increase during last week’s trading but the rally quickly halted at the peak of $27,500 this Tuesday.
The halt triggered a bearish interception earlier this week as the price dipped to a low of $26,400 within a blink. Ever since Bitcoin has remained calm around this low as it looks to take more lower levels.
On the other hand, the bulls are also trying to defend this weekly low to regain control. However, failure to reclaim the mentioned peak price could result in more bearish momentum, which may return the price to the monthly low.
An increase above that peak level would facilitate a more short-term rally for the leading coin to break higher. Such setups could validate a double-bottom formation for a long-term bullish
But looking at the weekly setups from a technical perspective, Bitcoin appeared to have entered a bearish correctional phase. A break below the current monthly support may cause a serious meltdown in the coming months.
Bitcoin’s Key Levels To Watch
As Bitcoin remains calm above the $24,000 level over the past few days, the key support level to watch for a drop is $26,000. If this support fails, the next level to keep in mind is $25,255 and $24,900 before deciding on where next to head.
Currently, the $26,838 and $27,500 levels are resistance to keep in mind for a further bounce. A break above these levels could propel buying to $28,197 and $28,867 in the future.
Key Resistance Levels: $26,838, $27,500, 28,197
Key Support Levels: $26,000, $25,255, $24,900
- Spot Price: $26,556
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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