The ongoing correction trend in BTC price can be followed using a downsloping trendline which started its journey in mid-July. On October 8th, the coin price witnessed its latest reversal from the dynamic resistance which also poured additional supply pressure in the crypto market. This newfound correction breaking below the $27000 mark indicates the current downfall could extend to the $25000 mark.
Also Read: Odds Of Spot Bitcoin ETF Approval By US SEC Rises Above 90%: Bloomberg
Is BTC Price Heading to $25000?
- The BTC price break below key support suggests a quick 7.5% drop
- A potential death crossover between the 50-and-100-day EMAs could intensify the bearish momentum.
- The intraday trading volume in Bitcoin is $7.7 Billion, indicating a 43% loss.
Source-Tradingview
On October 8th, the Bitcoin price showcased its 4th reversal from the overhead resistance trendline which led to a 4% drop to the current trading price of 26,969. As per previous records, each rejection from this dynamic resistance has led to a significant downfall in the coin’s market value.
Amid the ongoing downfall, the BTC price has recently breached the combined support of a new emerging ascending trendline and the 200-day EMA slope on October 11th. This breakdown offers sellers an additional barrier to pressurize traders to lower levels.
If the coin shows sustainability below the pierced support, the sellers may drive the prices 7.5% down to hit the $25,000 psychological level. This support preventing BTC price from major correction for the last seven months indicates a high accumulation zone for investors.
Crypto Analyst Highlights Buying Opportunity
In a recent tweet from a renowned crypto analyst @thescalpingpro, the largest cryptocurrency Bitcoin provided two buying opportunities in response to the halving events. During the bear market, the first presents itself approximately 500 days before the Halving event, while the second comes around 180 days before this significant milestone.
What’s intriguing is that the price during the second dip has never fallen below that of the first buying opportunity. These opportunities, consistently occurring before the halving event, have proven to yield impressive returns
- Exponential Moving Average: The BTC price drop below daily EMAs(20, 50, 100, and 200) reflects bearish sentiment in the market.
- Vortex Indicator: A potential bearish crossover between the VI+(blue) and VI-(orange) slope would accelerate the supply pressure.
