Decentral Block Post

Bitcoin (BTC) starts a new week in a precarious position after experiencing its most extensive losses since November.

In a major comedown from ten-month highs, BTC/USD lost around 10% before the weekly candle finally closed.

At around $27,600, the culmination of a grim few days for long traders means that BTC/USD is now caught battling for last month’s support.

Market participants are in two minds as to how the situation might play out — some are betting on deeper downside, while others remain confident of retesting those multi-month highs.

Catalysts may come in the form of United States macroeconomic data releases later in the week, while markets are also gearing up for the next Federal Reserve interest rate decision.

Bitcoin (BTC) is on target to finish the week with a sharp fall of around 9%. This suggests that some traders may be booking profits in fear of a resumption of the downtrend. Analysts expect Bitcoin to reach the $26,600 to $25,000 zone where buying interest may pick up.

When an asset emerges from a bear market, it tries to form higher lows on the way up. These levels act as strong supports during subsequent corrections. The current pullback could end up forming a higher floor for Bitcoin, which may act as a launch pad for the next rally.

If long-term investors believe that a bottom has been made, then panicking and selling on every corrective phase is not a good strategy. Rather, every dip could be an opportunity to build a portfolio.

The correction in Bitcoin has pulled several altcoins lower. Only a handful of major cryptocurrencies are holding out and looking strong on the charts. Let’s study the charts of five cryptocurrencies that may outperform on the way up.

Bitcoin price analysis

Buyers are trying to arrest Bitcoin’s correction at the 50-day simple moving average ($26,983) but the shallow bounce suggests that the bears are not willing to give up.

Bitcoin (BTC) is on target to finish the week with a sharp fall of around 9%. This suggests that some traders may be booking profits in fear of a resumption of the downtrend. Analysts expect Bitcoin to reach the $26,600–$25,000 zone, where buying interest may pick up.

When an asset emerges from a bear market, it tries to form higher lows on the way up. These levels act as strong supports during subsequent corrections. The current pullback could end up forming a higher floor for Bitcoin, which may act as a launch pad for the next rally.

If long-term investors believe that a bottom has been made, then panicking and selling on every corrective phase is not a good strategy. Rather, every dip could be an opportunity to build a portfolio.

The correction in Bitcoin has pulled several altcoins lower. Only a handful of major cryptocurrencies are holding out and looking strong on the charts. Let’s study the charts of five cryptocurrencies that may outperform on the way up.

Bitcoin price analysis

Buyers are trying to arrest Bitcoin’s correction at the 50-day simple moving average (SMA) ($26,983), but the shallow bounce suggests that the bears are not willing to give up.

Bitcoin (BTC) sought to snatch back lost ground on April 23 as ten-day lows remained in place.

$26,600 becomes popular BTC price target

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rose to circle $27,700 at the time of writing.

Up around 2.5% from the lows set the day prior, the pair remained on traders’ radar as a potential short opportunity into the weekly close.

“$26,600 is my target in my short position right now, and being the weekend it may take a bit longer to get there,” Crypto Tony confirmed to Twitter followers on the day.

“It is the most logical target and we also have bids popped up down there too now, so i am expecting a reaction once tested.”