The world’s largest Blockchain cryptocurrency Bitcoin (BTC) prepares to return to $25,000 if the $28k key support level fails to hold despite rallying above $30,000 a couple of weeks ago.
At the time of writing, Bitcoin is trading around the $28k support level – $28,210, according to TradingView data, BTC/USD is seriously struggling to preserve $28,000 as support and it may lose steam anytime soon.
Reacting to the market condition, popular crypto analyst, Michael Van De Poppe, remarked that the price currently looks “weak,” stressing that it categorically fails to reincarnate any sign of its previous uptrend.
#Bitcoin is currently showing weakness.
Broke back in the range, lost one of the crucial levels.
Final crucial level is at $27,600. Could take liquidity beneath, but needs a fast recovery.
If not, and no break of $28,800, then I suspect we'll see $26,200. pic.twitter.com/TuCaFq8eIk
— Michaël van de Poppe (@CryptoMichNL) April 21, 2023
In the same vein, Credible Crypto remarked that Bitcoin is obviously at the key local demand level and it is not getting any interesting reaction. He stressed that the next target will be either $26K or $25k if the current position fails to hold sway.
Bitcoin testing our key local demand at 28k and not getting the best reaction. If this level is lost, 25-26k is likely tested but this is no cause for concern.
— CrediBULL Crypto (@CredibleCrypto) April 20, 2023
It is noteworthy that $25,500 captured Bitcoin’s 200-week moving average, which was a key support level that was lost in 2022 and just regained a couple of weeks ago.
On the contrary, Crypto Tony was highly optimistic and bullish despite the market condition, stating that there is a potential for a long position on the day. He informed his followers that he will play a long scalp role.
Approaching a high volume node + the EQ of his range. I am looking to play a long scalp here once I see the bulls stepping in
Another play if the bears take over, is to short a loss of the range down to the range low at $26,600 pic.twitter.com/oblzs77BXC
— Crypto Tony (@CryptoTony__) April 21, 2023
Contention Between Bull and Bear
Given the foregoing, it appears there is no consensus among famous crypto traders as the battle between bull and bear rages on.
Regardless of the present circumstance, Bitcoin’s brilliant performance in recent times cannot be wished away as it recorded local highs above $31,000, with market insight analyst Mickybull Crypto believing that it would soon fill up.
Will get filled sooner or later
— Mikybull 🐂Crypto 🔬 (@MikybullCrypto) April 21, 2023
There are no mincing words that the price of Bitcoin (BTC) has been on a rollercoaster ride over the past few months, with significant volatility and fluctuations in its value. Time will tell if it is bull or bear that will seize the moment.