Bitcoin’s Bear Case Suggests Move to $28,000 is a Possibility in the Near-Term

  • Bitcoin’s price action has been pretty ambiguous lately as buyers and sellers have largely stumbled upon a dead end as BTC seeks to maintain a crucial momentum
  • The crypto tried to break over $ 40,000 yesterday, but the selling pressure here was significant and sparked a rejection
  • Since then, its price has fallen to the $ 35,000 region where bulls are currently trying to slow the decline and spark a rebound
  • Where the next market trends are may depend largely, if not entirely, on BTC finding support that will slow the ongoing decline
  • If it goes deeper, BTC could bring serious headwinds to the entire market, triggering a mass sell-off among altcoins, slowing their momentum and leading to further downward movements

Bitcoin has seen some intense turmoil today, with bulls losing their edge over cryptocurrency price movement and falling to lows of $ 34,000.

The support here has been a bit significant and has helped the entire market spike in buy-side pressure that has since allowed a rebound.

It remains unclear whether this rebound will be enough for BTC to hit a long-term low, as an analyst notes that a drop to $ 28,000 could be imminent in the short term.

Bitcoin battles slow decline after $ 40,000 rejection

At the time of writing, Bitcoin is trading just under 10% at its current price of $ 35,300. This is a remarkable drop from recent highs of $ 40,000 set around this time yesterday.

Where all the market trends are next will undoubtedly largely depend on whether or not bulls can create long-term support for the lower $ 30,000.

A break down here could spell serious downturns for the entire market and potentially put an end to the uptrend in crypto.

BTC could accelerate to $ 28,000 if selling pressure mounts

One trader wondered if Bitcoin’s ongoing decline could go deep, rising to $ 28,000 before it can find long-term support.

He notes that this is the next critical level of support based on a confluence of various factors.

“The bearish $ BTC case is heading towards 28,000 or less. In this case we just printed a B-wave. As I said earlier, the price movement up here is not clear,” he said, pointing to the chart below.

Image courtesy of Bitcoin Jack. Source: BTCUSD on TradingView.

The coming days should give an insight into where the entire market will develop in the short term. Any sustained downtrend in Bitcoin could create headwinds that hold back the uptrends of many altcoins.

Featured image from Unsplash. TradingView charts.

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