The price of Bitcoin (BTC) has fallen to a one-month low, with traders increasingly betting on more falls to come.
Bitcoin price falls to one-month low
From Cointelegraph Markets Pro and transaction view confirm.
Despite the brief rally, market participants remain unconvinced that the largest cryptocurrency has suffered its worst losses.
Cointelegraph looks at current forecasts for cryptocurrencies and risk assets during major macroeconomic cycles.
$28,500 for the last leg?
For popular trader Crypto Ed, Bitcoin’s drop to its lowest point since June 21 was entirely expected.
Now, he believes buying liquidity should finally break out, taking BTC/USD to around $28,500. A rally to $29,400 is likely first.
“If we do make that move, then I’d be looking for a setup that can withstand a bit more downside, maybe $28,500 to $400, more or less,” he said in his latest YouTube post. renew.
Crypto Ed shows an additional target box covering prices as low as $27,800, but admits he doesn’t believe Bitcoin will reach that level.
Low $27,000 “stop loss” bidder
For fellow traders Crypto Chase, the downside could push Bitcoin towards $27,000 before last-minute long entries are properly destroyed.
He predicted earlier in July that speculators should eventually bid on major price points as BTC/USD falls, at $29,200, $28,500 and $28,000.
Will be one of those cases where people bid all the way down.. 29.2, 28.5, 28, once they finally stop at 27 they will all be bearish. Run it back to a (hopefully) unused 32.4K.
— Crypto Chase (@Crypto_Chase) July 16, 2023
in a renew On July 24, he insisted that this might be the way things were going.
“These are still mostly my thoughts. I can’t be short right now because strong R/R opportunities have passed and according to my strategy, didn’t offer a decent entry,” he admitted to his Twitter followers.
“Having said that, the feed has turned into a huge bear market, but still planning to bid $27 for a strong rally and see where it takes us.”
The accompanying chart shows the relevant Fibonacci retracement levels on the daily chart.
Moving averages still to be retested
Ahead of a string of tightening U.S. macro events, many traders are shying away from Bitcoin until a more pronounced trend emerges.
related: The biggest drop in mining difficulty in 2023?5 Things to Know About Bitcoin This Week
Nonetheless, the various moving averages remain important support lines, with the 200-week and 21-week moving averages at $27,130 and $28,200, respectively.
“Bitcoin is testing the support of a historically significant key zone,” said Keith Alan, co-founder of monitoring resource Material Indicators. Summarize July 24.
“We’re not convinced yet that we’ve found strong support, but the 21-week moving average looks like it could provide a stronger base. Need to let things develop a bit to get some clarity.”
As Cointelegraph reported, some worst-case scenarios include a larger pullback, and even a loss of $20,000 is not entirely out of the question.
Magazine: Should You Give Your Kids the ‘Orange Pill’?The Case for Bitcoin Children’s Books
The views, ideas and opinions expressed here are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Svlook
