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Bitcoin’s rocky start: Price drops below $27.7k, can BTC recover?

Bitcoin's rocky start: Price drops below $27.7k, can BTC recover?

Bitcoin (BTC) has commenced the week with substantial volatility, plunging below the $27,700 mark. 

Currently trading at $27,546, the premier digital currency has diminished by 1.19% within the past 24 hours after testing the resistance slightly below $28,000. Over the past week, the cryptocurrency has seen a decline of 2.71%, bringing its market cap to $537 billion.

While Bitcoin wrestles with the bears, altcoins, too, face the tremors of this market correction. The wider altcoin market has experienced a downtrend; however, there are exceptions, with specific tokens witnessing impressive rallies. Nonetheless, the larger picture reveals a predominant correction phase.

Prominent market analyst Michael van de Poppe commented on the situation today, noting, “Preferably, I’d like to see Bitcoin continue to make higher lows and hold above $27,500.” The close proximity of the current trading price to this recommendation is indicative of a precarious position.

Crucial level to support for BTC. Source: Michael van de Poppe:

BTC performance 

A glint of optimism shines through when we consider the yearly performance of Bitcoin. Over the past 12 months, Bitcoin’s value has surged by an impressive 42%. Furthermore, this growth trajectory has made it outperform 87% of the top 100 crypto assets. 

Key levels to observe in the forthcoming days include a support threshold of $27,197 and a resistance cap of $28,515. If the premier cryptocurrency can maintain its position above the $27,500 mark, as pointed out by van de Poppe, we might witness a consolidation phase before a possible bullish run.

BTC 1-day price chart. Source: Finbold

One beacon of hope for long-term holders and investors is that Bitcoin is trading above its 200-day simple moving average. This is often perceived as a bullish indicator in traditional market analysis. Nevertheless, with only 14 green days in the past month, amounting to 47% of the time, short-term traders need to tread cautiously.

While the immediate landscape for Bitcoin seems cloudy, its year-long performance provides a silver lining. As Bitcoin hovers around critical price levels, the coming weeks will be crucial in determining its trajectory for the remainder of 2023.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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