Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Coinpedia Fintech News on June 08, 2023, 11:56:05 AM
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The crypto markets are experiencing a slight recovery after a bearish period. Bitcoin, which dipped to $25,300, has rebounded above $26,700. However, it faces resistance at $27,000, and the bulls seem to lack the strength to push the price above $26,500. Despite the slight increase, there are concerns that the price could drop below $25,000 as predicted by many.
Amidst ongoing price fluctuations, Bitcoin (BTC) remains within a wedge pattern and is currently positioned above a significant trendline on the daily timeframe. Sustaining above this trendline may lead to a breakout from the wedge, potentially triggering a 20% to 25% upward movement. Conversely, a rejection could result in a drop towards $21,500.
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The market structure looks shaky as the bulls struggle to defend the $26,000 level, with some analysts believing further declines are incoming.