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experienced a drop of more than 3% today.
- Bitcoin price couldn’t break the resistance of $29,600! What will happen now?
- What can Bitcoin investors expect in the future?
Will Bitcoin continue to fall? What is the future of Bitcoin? Will Bitcoin drop to the critical support level of $26,600? Current BTC analysis!
Medium-Term Bitcoin Price Analysis!
12 Hour Bitcoin Price Chart Source: TradingView
Bitcoin experienced a drop today because it couldn’t make daily candlestick closures above the $29,600 resistance level mentioned in the analysis.
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Bitcoin price rose from levels around $27,300 on April 22 to levels around $30,043. Although Bitcoin rose to the $30,000 levels again, it couldn’t make daily candlestick closures above the $29,600 resistance level.
Critical Support Level to Follow!
We previously mentioned in our analyses that if Bitcoin doesn’t make daily candlestick closures above the $29,600 level, a drop is likely to occur.
Bitcoin is currently trading around $28,650. If the BTC price can’t make 4-hour candlestick closures above the $28,800 level in the short term, it may drop to the support level of $26,600.
If Bitcoin makes daily candlestick closures above the $26,600 level, it will likely start its rise from this level.
Daily candlestick closures below the $26,600 level will make the drop target $25,200.