Bitcoin Plunge on the Horizon-Levels to Expect for the BTC Price in the Next 30 Days
Bitcoin price is correcting slightly with new banks joining the SVB collapse, shaking up the entire traditional markets
Fresh bearish signals pop up indicating the BTC price to slide down and shed most of its gains
Bitcoin price after the gigantic rally during the previous weekend appears to have drained a bit as it has ignited a notable descending trend. The price initially lost levels above $25,000 and now flashes signals to lose $24,000 in the coming days. Technicals have flashed a bearish signal and hence a significant correction may be on its way.
The BTC price is still stuck in the major range, range bound since July 2022. Presently, it does not appear a good time to go long as the price is displaying a huge possibility of remaining stuck around the pullback off the highs for a while. The range currently appears to be between $24,000 to $19,000 and only a breach beyond any of these levels may trigger the respective trend ahead.
In the short term, the price is believed to undergo a major rejection from the current resistance levels that may follow the wave and reach the lower support below $19,000. However, after rebounding from the levels around $18,697.08, the price may regain its lost levels above $25,000. Moreover, an extended bullish trend may pave way for the price to surge beyond $26,000 also.
Bitcoin price is expected to remain highly volatile in the next couple of months as the rally continues to be bewildered by the impending trend. After maintaining a parallel range, a breakout may lead the price to rise between $25,500 to $28,000. Meanwhile, a drop below the major support could drag the price between $17,500 and $16,000.