BTC price drops – Recently, the world’s most popular cryptocurrency BTC drops below the $30,000 mark. Bitcoin has been displaying some signs of weakness among the bulls.
With the recent plunge, the price may be driven lower to $27,000. Recall that on April 11, Bitcoin price surged above $30,000 to mark its 10-month high. Since April 17, the price fell below the $30,000 mark and the market has blended fairly.
This has raised concerns and guesses about the prices being driven lower soon. Recently, a retest above $30,000 failed and this could signal for $28,800 which is one of the major support levels.
However, the price action could propose that Bitcoin winter could surpass summer and further drive the price lower. Bitcoin price recovered its level within the rising parallel channel after the last 200-day MA test.
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Moreover, the current setup shows that it is possible for the price to revisit the support levels which were formed at around $26,000.
Source: Tradingview
Once at $26,000, a rebound may be expected that could raise the price back to $30,000, and also try to test the $32,000 crucial resistance level.
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However, Bitcoins’ price looks extremely bullish since the price just showed a bullish signal. Bitcoins’ extreme oscillator chart inspects the MVRV ratio which shows unrealized profit or loss. It also considers the aSOPR (30D EMA) which shows realized profits or loss multiples. Furthermore, it also considers the Puell multiple which suggests the miners’ income, and finally the Reserve Risk multiple – this shows the level of HODLing and takes the “7D-EMA of the binary result of the four. ”
Source: Glassnode
Anytime there is a negative result as seen above, it predicts a large deflection downwards which means a bear market. For the time being, the indicator is gradually moving toward the positive area. It shows a big deflection upward which predicts a bull market.
Previously, when the indicator rose toward the positive range, Bitcoins’ price surged above 2800%, 560%, 6400%, 99%, and 487%. For this reason, a big price action that would trigger a bull run may be expected since the Bitcoin extreme oscillator is turning positive.
Bitcoin Price Today
Live data from CoinMarketCap shows that Bitcoin is currently trading at $29,901.02 and it is up 0.01% in the last 24 hours. Bitcoin is ranked #1 on the CoinMarketCap chart with a live market cap of $578,574,774,933 USD.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.