Bitcoin price has written a red candle in the 1-week chart for the first time after five consecutive weeks. As NewsBTC reported, the price is in a critical zone in the 1-day chart to maintain the long-term uptrend. Therefore, the next few days could be of great importance to determine the trend.<\/p>\n
Co-founders of on-chain analytics solution Glassnode, Jan Happel and Yann Allemann, agree that the bulls remain in control, but need to slowly turn the tide. \u201cBitcoin\u2019s long-term uptrend is intact,\u201d they write, but point to weakened momentum due to low trading volume.<\/p>\n
As Bitcoin currently hovers near support levels, smaller fluctuations of +\/- $1k are anticipated, while moves between $27.5k and $32k would still be within the normal range as shown by the weekly volatility bands.<\/strong><\/p>\n However, the analysts expect some wicks to the downside. In case of a sustained downside break, the next support area would be at $25,500 to $26,000 . But according to the analysts, the risk is rather low.<\/p>\n The Bitcoin risk signal is at 0 and looks a bit shaky in the short term despite the recent volatility, but is not indicating any panic selling. The Fear and Greed Index has pulled back from the greed zone to a neutral position at 52 points. Moreover, the analysts argue for a healthy correction in the market:<\/p>\n The current market environment, characterized by unrealized profits outpacing unrealized losses (see NUPL on glassnode), implies optimism in the medium and long term.<\/strong><\/p>\n Technical analyst Micha\u00ebl van de Poppe expects that there will be a \u201cclassic Monday drop\u201d before there is a reversal. Bullish events this week could be the release of the U.S. Gross Domestic Product for the first quarter (Thursday) and the release of the Core PCE (Friday).<\/p>\n Crucial for a reversal, according to the analyst, is the price level at $27,800. \u201cDivs in $26,800 area for longs on Bitcoin,\u201d notes the analyst, who also explained:<\/p>\n Correction as CME gap came in for Bitcoin. Back towards the resistance, for the second time. If Bitcoin breaks $27,800-28,000 entirely in the coming few days, acceleration towards $29,200 seems next. Funding negative on ETH, so a bounce is getting close.<\/strong><\/p>\n The renowned trader @exitpumpBTC takes a similar stance: \u201cWant to see manipulation like Monday dump, consolidation with shorts piling up at the lows around $26K and Tuesday recovery with limit chasing by buyer.\u201d<\/p>\n Analyst Ali Martinez shared the legendary \u201cWall Street Cheat Sheet\u201d on the usual path of market cycles. Traders should ask themselves, how are you feeling today?<\/p>\n How are you feeling today about #crypto<\/a>? pic.twitter.com\/nnXj9wgyMZ<\/a><\/p>\n \u2014 Ali (@ali_charts) April 23, 2023<\/a><\/p>\n\n At press time, the BTC price traded at $27,285.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin price has written a red candle in the 1-week chart for the first time after five consecutive weeks. As NewsBTC reported, the price is in a critical zone in the 1-day chart to maintain the long-term uptrend. Therefore, the next few days could be of great importance to determine the trend.<\/p>\n Co-founders of on-chain analytics solution Glassnode, Jan Happel and Yann Allemann, agree that the bulls remain in control, but need to slowly turn the tide. \u201cBitcoin\u2019s long-term uptrend is intact,\u201d they write, but point to weakened momentum due to low trading volume.<\/p>\n As Bitcoin currently hovers near support levels, smaller fluctuations of +\/- $1k are anticipated, while moves between $27.5k and $32k would still be within the normal range as shown by the weekly volatility bands.<\/strong><\/p>\n However, the analysts expect some wicks to the downside. In case of a sustained downside break, the next support area would be at $25,500 to $26,000 . But according to the analysts, the risk is rather low.<\/p>\n The Bitcoin risk signal is at 0 and looks a bit shaky in the short term despite the recent volatility, but is not indicating any panic selling. The Fear and Greed Index has pulled back from the greed zone to a neutral position at 52 points. Moreover, the analysts argue for a healthy correction in the market:<\/p>\n The current market environment, characterized by unrealized profits outpacing unrealized losses (see NUPL on glassnode), implies optimism in the medium and long term.<\/strong><\/p>\n Technical analyst Micha\u00ebl van de Poppe expects that there will be a \u201cclassic Monday drop\u201d before there is a reversal. Bullish events this week could be the release of the U.S. Gross Domestic Product for the first quarter (Thursday) and the release of the Core PCE (Friday).<\/p>\n Crucial for a reversal, according to the analyst, is the price level at $27,800. \u201cDivs in $26,800 area for longs on Bitcoin,\u201d notes the analyst, who also explained:<\/p>\n Correction as CME gap came in for Bitcoin. Back towards the resistance, for the second time. If Bitcoin breaks $27,800-28,000 entirely in the coming few days, acceleration towards $29,200 seems next. Funding negative on ETH, so a bounce is getting close.<\/strong><\/p>\n The renowned trader @exitpumpBTC takes a similar stance: \u201cWant to see manipulation like Monday dump, consolidation with shorts piling up at the lows around $26K and Tuesday recovery with limit chasing by buyer.\u201d<\/p>\n Analyst Ali Martinez shared the legendary \u201cWall Street Cheat Sheet\u201d on the usual path of market cycles. Traders should ask themselves, how are you feeling today?<\/p>\n How are you feeling today about #crypto<\/a>? pic.twitter.com\/nnXj9wgyMZ<\/a><\/p>\nWas $27,000 Already The Local Bottom For Bitcoin?<\/h2>\n