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Bitcoin Price Analysis: Will BTC Price Recover or Descend Below $25k?

Published by
Qadir AK

Bitcoin (BTC) is currently teetering on the edge of a crucial price point, with recent data from crypto price oracles like TradingView and Coingecko showing a gradual decline in its value. Over the past two days, Bitcoin has slipped below the critical support level of $25.8k.

This concerning trend suggests the impending formation of a daily death cross in the coming weeks, potentially pushing the leading cryptocurrency below the $25k mark. However, there remains a glimmer of hope for a sudden reversal in Bitcoin’s price trajectory, pending approval from the United States Securities and Exchange Commission (SEC) for any of the pending spot ETF applications.

Bitcoin’s On-Chain Analysis

According to Ali Charts, a well-regarded crypto analyst based in the United States, Bitcoin’s path ahead is not entirely free from challenges. Ali Charts argues that historically, Bitcoin tends to embark on a macro bull run when it surpasses the average cost basis of holders with a 6-month to 3-year track record. Remarkably, the average cost basis for such holders stands at approximately $33,755, representing a 31 percent increase over the current Bitcoin price.

Analyzing the situation further, Crypto Rover’s analyst, Daan, emphasizes the critical importance of Bitcoin maintaining support above the $25.6k range to set the stage for a potential rally beyond $27.8k in the weeks ahead. Daan also points out that bullish sentiment remains strong, underpinned by a rising divergence observed on the daily Relative Strength Index (RSI) alongside a declining price.

The crypto market continues to be a dynamic and evolving space, with Bitcoin’s future hinging on a delicate balance between technical factors and regulatory developments. Traders and enthusiasts will be closely monitoring these developments as they await further clarity on Bitcoin’s price trajectory.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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