Bitcoin (BTC) has slipped below the level of $26,000 amid the presence of ongoing regulatory uncertainty within the cryptocurrency industry. However, Bitcoin’s price is continuing to decline, as it closed below an important level on the weekly timeframe. Analysts highlight that if the price reaches a certain range, there may be selling pressure. In simple terms, Bitcoin is at a critical point, and its price could either go down or face resistance.
According to Ali Martinez, Bitcoin is in a risky position. There is a support zone between $22,785 and $23,595 where many wallets hold Bitcoin. If the price falls below this range, there could be more selling. On the other hand, there is a strong resistance between $26,000 and $28,250 where many wallets bought Bitcoin.
#Bitcoin sits on thing ice! Notice the most important support zone is between $22,785 and $23,595 where 1.34 million wallets hold 450,000 $BTC.
On the flip side, #BTC faces stiff resistance between $26,000 and $28,250 where 5.18 million wallets bought 2.1 million BTC. pic.twitter.com/2BpxWbNESK
— Ali (@ali_charts) June 14, 2023
Rekt Capital, said that the support level around $26,600 has been breached, meaning that it may now act as a resistance if Bitcoin attempts to rebound from its current position. If the price fails to surpass the $26,600 level, it is expected to decline further towards the lower $20,000 range. In simpler terms, Bitcoin’s downward trend is continuing, and there is a possibility of further decline unless it manages to surpass the $26,600 level.
The downward trajectory continues for #BTC as price performs yet another Weekly Close below a key Weekly level
The blue ~$26600 support has been lost & may soon flip into resistance if BTC relief rallies from here
Reject at $26600 -> lower $20000s await$BTC #Crypto #Bitcoin https://t.co/92vs2C2MU0 pic.twitter.com/RkqIxcuuKA
— Rekt Capital (@rektcapital) June 14, 2023
He wrote, “The downward trajectory continues for #BTC as price performs yet another Weekly Close below a key Weekly level. The blue ~$26600 support has been lost & may soon flip into resistance if BTC relief rallies from here. Reject at $26600 -> lower $20000s await.”
Just like in 2016, #Bitcoin found resistance at the 2nd Line labeled on the MVRV at 31k
But now, also like 2016, Bitcoin has found support at the exact same level (1)
Reaching the mid-top line is an inevitability, just like all the cycles that have come before…. pic.twitter.com/s46qtQiHxu
— CryptoCon (@CryptoCon_) June 14, 2023
According to crypto analyst Crypto Con, Bitcoin’s resistance at the $31,000 level on the Market Value to Realized Value (MVRV) chart, along with its support at the same level, resembles a pattern observed in 2016. This pattern suggests that Bitcoin might be on the brink of a new bull run that could surpass its previous highs.
