The bitcoin (BTC) price in the last 24 hours has fluctuated between $24,900 and $25,700. In this way, the digital currency consolidates with stability in the area around USD 25,000.
As CriptoNoticias had indicated at the beginning of May, the $25,000 area was the next support to reach, in case the BTC price continues to decline. And so it happened.
The crisis in the cryptocurrency industry following the SEC’s lawsuit against Binance and Coinbase, added to the recent announcements by the Fed on interest rates, caused the market to generate considerable selling pressure in the last two days.
With bitcoin lateralizing around $25,500 it is difficult to predict with certainty where it will go. Based on the support and resistance theory, we establish that the maximum price of this lateralization would be below USD 26,000. On the other hand, the minimum would be found in the already reached USD 24,900. If it falls below that price, it could be considered that a bearish trend is confirmed, at least in the short term.
Some analysts and traders are encouraged to do predictions about the most likely behavior that, according to them, the price of bitcoin would have.
The trader who identifies himself on social networks as SantinoCripto explains that, according to his analysis, bitcoin is still within a bullish channel, but at the limit. This means that the channel could “break” and the price go down.
Anyway, SantinoCripto also refers to the correlation that BTC shows with other assets, for example, the NASDAQ index. This index shows a clear upward trend. For this reason, the analyst says that it seems like a good buying opportunity to him (or to open long positions in futures trading).
Another who expresses himself in a similar vein is the trader who identifies himself as CryptoTony. Referring to the digital asset market as a whole, the popular twitterer, says: “There are a lot of inefficiencies in cryptocurrency price action after the big drop we had a couple of days ago. I hope we fill these gaps before the trend continues.”
In the context of trading, “price inefficiencies” refers to situations where the current price of an asset (in this case, cryptocurrencies) does not accurately reflect its intrinsic value, according to economic, financial, or other indicators. These inefficiencies can be caused by a variety of factors, including lack of information, emotional reactions from investors, or sudden and drastic changes in the market.
As can be seen, there are different opinions about where the bitcoin price will go in the coming days. Although the mentioned traders are positioned on the bullish side of the scale, express their doubts.
At times like this, it is worth remembering the article published by this same information portal on May 19, almost a month ago, with a possible strategy for moments of uncertainty.
Disclaimer: The views and opinions expressed in this article belong to its author and do not necessarily reflect those of CriptoNoticias.
