Is Bitcoin preparing for a drop? Current BTC analysis!

• Bitcoin volume decreased by 37% in the last 24 hours, dropping to $10,163,891,821.
• Bitcoin is unable to break the critical resistance level of $28,600.
• If Bitcoin loses the $27,000 level, it may initiate a decline.

Short-Term Bitcoin Price Analysis!

4 Hour BTC Price Chart Source: TradingView

When we examine the 4-hour price chart of Bitcoin (BTC), we see that it was moving close to the important resistance zone of $28,600. If Bitcoin closes below the $28,200 level in the 4-hour time frame, it may continue its downward movement.

Although Bitcoin’s closest support is at the $28,200 level, bulls are managing to hold the price with strong purchases in this area.

If Bitcoin closes below the $28,200 level in the 4-hour time frame, it may realize the downward trend to the levels of $27,100 mentioned in the analysis.

Daily Bitcoin Price Analysis!

Daily Bitcoin Price Chart Source: TradingView

When we examine the daily price chart of Bitcoin, we see that it encountered sales from the important resistance zone of $28,600.

If the Bitcoin price cannot close daily candles above the $28,600 level, it may realize the downward movement to the support level of $25,250, which is the broken resistance zone and now turned into support.

Bitcoin’s closest strong support zone is at $26,600 levels. If the Bitcoin price closes daily candles below this zone, it may realize its decline to the levels of $25,250.