Bitcoin successfully held on to $27000 after coming dangerously close to dipping below it, leading to bulls hoping for crypto market consolidation.
Bitcoin has continued trading over $27000, indicating a crypto market consolidation for now, but sustaining its support would be important at the current levels. While the bearish outlook portrayed for the market could induce a further dip of Bitcoin below $27000, bulls would look to propel BTC towards $28000 for its next round of buying.
A dip below the current levels will likely present a buying opportunity in the $25000-$26000 range, where those who had booked profits could re-enter the crypto market. Another possibility is BTC going downwards towards $26600, where a lot of short positions for the crypto could mature, subsequently leading to a turnaround.
On the positive side, many analysts have termed the recent downward movement as a price correction after constant growth in the crypto market. At the current prices, even a slight improvement in macroeconomic factors could lead to long rallies for the crypto market. A crypto market consolidation could also lead to buying opportunities in other altcoins such as Polygon, XRP, Ethereum, and others.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27300 on April 24, 2023, with BTC/USD down by almost 0.5% in the previous 24 hours. Some investors expressed bullish sentiments that crypto market consolidation will initiate a rally in the short term, but others remained cautious with Bitcoin’s next support. BTC/USD is trading lower than its 20-day EMA (28,704.74). Bitcoin’s 24-hour volume is around $13 billion.