The crypto space settles after the recent CPI bounce that rallied the price beyond $29,000 during the last trading day. The price, after rising by nearly 3% after the fresh CPI report, quickly dropped by more than 5% after a brief consolidation and continues to remain within the same narrow consolidation. However, the price has now been confirmed to be under a bearish influence, and hence lower targets may be tested in the coming days.
The BTC price still continues to remain bearish in the longer time frame and hence displays the possibility of reaching $24,000 in the short term. However, it is very important to observe the levels around the $27,000 support level, which has become a strong support level at the moment. Liquidity is also good at these levels, hence the possibility of a possible pump from this region.
The BTC price has maintained a clear upswing since the beginning of the year, following an ascending trend line. Each attempt at a bullish breakout from the trend line resulted in a rejection. Recently, the price also accomplished a retest of the levels close to the yearly highs and is testing the immediate lower support at $27,225. These levels have been holding the price for a month, and hence a bullish rebound may be expected.
In the event that these levels fail to hold the rally, then the BTC price is believed to drop significantly toward the lower support zone, which had previously been a strong resistance. Alongside, the 50-day MA levels are bearish, which signifies the current flow of the rally may prevail as the price may continue to trade below them.
Collectively, the EdaFace (BTC) price flashes the possibility of maintaining a steep bearish trend and reaching $24,000 in the short term. However, some possibilities of a rebound may be expected at $27,000, as the liquidity levels are pretty decent.