With the majority of assets in the cryptocurrency market opening the week on a bearish note, Bitcoin (BTC) is no exception, dropping below the critical psychological level of $27,000. However, optimism still remains as the flagship cryptocurrency closed another week above the 200-week moving average (MA).
Indeed, Bitcoin has made another weekly close above the 200 MA, and the crypto analyst CryptoJelleNL sees it as a bullish sign despite the current setback, indicating that it “feels like it’s a matter of time until Bitcoin finally breaks that $30k level once and for all,” in a tweet shared on June 5.
That said, Bloomberg senior commodity strategist Mike McGlone has earlier stated that more pain could await the flagship decentralized finance (DeFi) asset, which, alongside other cryptos, is potentially facing its first United States recession, stock bear market, and central bank scrutiny.
Bitcoin price analysis
At press time, Bitcoin was changing hands at the price of $26,683, down 1.96% in the last 24 hours and 4.40% across the previous seven days, adding up to the loss of 8.89% on its monthly chart, as the latest data retrieved by Finbold on June 5 indicates.
With its most recent price decline, Bitcoin has failed to invalidate the bearish head and shoulders pattern, as it broke below the area between $26,920 and $27,500, where it needed to remain for a successful retest, according to the observations by crypto analyst Rekt Capital shared by Finbold on June 2.
Earlier, crypto expert Altcoin Sherpa had noted that Bitcoin could drop to as low as $23,000, referring to multiple technical analysis (TA) indicators, including the 200-week exponential moving average (EMA), 200-day EMA, support and resistance levels, as well as the 0.382 ratio Fibonacci level.
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