• Bitcoin price plunged below $27,000 as the bears gained strength.
• The bearish targets for BTC may be achieved in the coming weeks.
• Technical analysis suggests a potential rebound but bears are gaining more strength.
Bitcoin Price Plunge
The Bitcoin price has been on a declining trend since last few days of May 2023 and recently dropped significantly below the ascending trend line, making it difficult for the bulls to regain control over the rally. Currently, BTC is trading around $26,579.50 levels and is showing signs of bearish pressure.
Bearish Targets for BTC
The bearish targets for Bitcoin flash hard that currently resides below $20,000 mark and may be achieved in the next few weeks. Bears have been extracting very small profits which has resulted in further decline of Bitcoin’s price from its all-time high levels.
Technical indicators suggest a potential rebound but bears are still gaining more strength which could lead to further drop in prices in near term. ADX is trying for a bullish divergence which might offer some strength to current price movements but overall trend remains negative as per technicals.
Bulls Remain Aloof
Despite being able to make minor upside corrections from $26,550 support zone and climbing above the $27,000 resistance along with 100H SMA levels, bulls remain aloof and fail to regain control over rally due to lack of buying pressure from investors side.
What Awaits For BTC?
It remains unclear whether bitcoin will manage to break out above $28,000 or not but if it fails then this could lead to further bearish action and drag prices down even lower than current levels in near term future . So traders should exercise caution while making any trades at present conditions as market conditions remain highly volatile