{"id":528259,"date":"2023-04-24T09:17:21","date_gmt":"2023-04-24T09:17:21","guid":{"rendered":"https:\/\/wncen.com\/?p=528259"},"modified":"2024-06-11T10:09:16","modified_gmt":"2024-06-11T10:09:16","slug":"bitcoin-market-update-27000-local-bottom","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-market-update-27000-local-bottom\/","title":{"rendered":"Bitcoin Market Update: Is $27,000 The Local Bottom?"},"content":{"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.<\/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. “Bitcoin’s long-term uptrend is intact,” they write, but point to weakened momentum due to low trading volume.<\/p>\n

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><\/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

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><\/blockquote>\n

Related Reading: Time To Pay Attention: Bitcoin Reaches \u201cLogical\u201d Level<\/a><\/div>\n

Technical analyst Micha\u00ebl van de Poppe expects that there will be a “classic Monday drop” 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. “Divs in $26,800 area for longs on Bitcoin,” notes the analyst, who also explained:<\/p>\n

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><\/blockquote>\n

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

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

Related Reading: Is The Final Shakeout Moment Coming For Bitcoin? Expert Weighs In<\/a><\/div>\n

Analyst Ali Martinez shared the legendary “Wall Street Cheat Sheet” 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

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