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What Next for Bitcoin After Plunging Towards $26,000? (BTC Technical Analysis)

                                                            Nach einigen Wochen der Konsolidierung konnte Bitcoin nicht zulegen und brach schließlich nach unten aus.  Dies führte zu einer beträchtlichen Liquidationskaskade und einem Rückgang unter das kritische Unterstützungsniveau von 30.000 $.

This is what awaits you in this article

Technical Analysis

Technical Analysis Shayan

The daily chart

The market has now tapped into the remaining liquidity below the significant demand zone around $30,000 but there is no sign of a reversal yet. Additionally, the next level of support for Bitcoin is $24,000-$25,000.

On the other hand, the RSI indicator has entered the oversold zone and is trying to break above it. This could signal a short-term reversal from the previously broken $30,000-$32,000 levels. On the other hand, the bears are in full power and a collapse into the $24,000-$25,000 demand zone remains a possibility.
What Next for Bitcoin After Plunging Towards $26,000?  (BTC Technical Analysis), Crypto Trading News TradingView

The 4 hour chart

Corrections are always present in a sustained rally. After a massive bearish decline from $69,000, bitcoin set up a continuation correction flag pattern and recently broke below the lower trendline, resulting in a massive cascade in the market. The price finally broke the 2021 low and recorded a local bottom at $26,000.

our recommendation What Next for Bitcoin After Plunging Towards $26,000?  (BTC Technical Analysis), Crypto Trading News

The last significant support at $37,000 has now become a key resistance level for the price, while the next support will lie in the $24,000-$25,000 demand region. A short-term consolidation and range phase followed by choppy price action looks more likely in the coming weeks.
What Next for Bitcoin After Plunging Towards $26,000?  (BTC Technical Analysis), Crypto Trading News TradingView

On-Chain Analysis

By Shayan

Bitcoin’s price recently collapsed to $26,000. Short-term holder SOPR has fallen to a multi-month low, resulting in a severe crash as illustrated in the chart.

The same situation happened in July 2021 when Bitcoin plummeted to $29,000 before rebounding to a new high after the eventual capitulation. The STH-SOPR indicator, on the other hand, showed lower values ​​during the capitulation phase in May 2021 than at present. As a result, the market is in a state of panic and uncertainty, meaning the pain may not be over yet.
What Next for Bitcoin After Plunging Towards $26,000?  (BTC Technical Analysis), Crypto Trading News CryptoQuant

Source: Crypto News Deutsch

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