Bitcoin Price Struggling Hard at $26,000

[Coinpedia Fintech News]

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.

[cryptoworld1]

The market structure looks shaky as the bulls struggle to defend the $26,000 level, with some analysts believing further declines are incoming.