- Bitcoin is trapped in a price range between $8,700 and $8,900 and is currently unable to find a clear trend.
- The majority of analysts are drawing a bearish scenario and expect a further correction to $8,500.
After Bitcoin bounced off the $9,000 mark a few hours ago, BTC is currently in a sideways trend in a price range between $8,700 and $8,900. The Bitcoin price has dropped by 0.55% in the last 24 hours and at the time of writing trades at $8,831.25. The market capitalization is still around $163 billion.
Bitcoin trader and analyst Josh Rager describes that although Bitcoin closed above the $8,700 mark, he believes a further correction to $8,500 is very likely. If support does not hold along the $8,500 mark, a further drop in price to $8,000 or lower could follow.
$BTC – close below $8700 and looks like price is headed to $8500s
Needs to hold and close above that support below – or we'll be looking at sub $8k again… which I think price hits eventually
Don't fight the trend pic.twitter.com/uGJHXro0wi
— Josh Rager 📈 (@Josh_Rager) May 26, 2020
Analyst “Cold Blooded Shiller” states on Twitter that Bitcoin has not yet rejected or confirmed a clear trend, so it remains open to him in which direction BTC will move. A clear break down would finally drive the bulls away and initiate a new downtrend. He advises his followers to work with smart placed stop loss orders in volatile times like the current one.
No further confirmations yet on the overall direction for the $BTC range. Keeping the distribution markings for the reasons I opened the thread with.
Any movement to the lows would be the next touch point for consideration.
A clear blowout of the bottom would invalidate. pic.twitter.com/un7tIZgDp6
— Cold Blooded Shiller (@ColdBloodShill) May 26, 2020
The anonymous trader “Byzantine General” states that Bitcoin is at a critical level which, in the event of a downward breakout, could lead to a sharp correction and a longer-term downward trend. He hopes for a return of the bulls, but there are currently too few new buyers that could push the price up and cause the price to rise.
We also lost the 4H guppy for the first time since the last uptrend failed.
— Byzantine General (@ByzGeneral) May 26, 2020
A similar view is held by the anonymous trader “Teddy”. He describes that Bitcoin is at a critical level and therefore he is currently not entering into trades in the price range between $8,700 and $8,900. In his opinion, the price could fall further if BTC does not manage to close above the $9,000 mark on the daily chart. According to him, only then a bullish sentiment for Bitcoin can be maintained.
chop chop chop 🔪
— Teddy (@TeddyCleps) May 26, 2020
Bitcoin Trader “Jonny Moe” states that the selling pressure in the market continues to increase, as Bitcoin has not managed to stay above the $9,000 mark. The Bitcoin price is caught in a tight triangle, which could lead to a sharp drop in price to the $7,000 mark if it breaks down.
$BTC on the precipice… if this falling wedge holds, we maintain the ascending triangle option.
I'm looking at a failure to send us somewhere in the $7,000s. pic.twitter.com/CR5OsDxYRo
— Jonny Moe (@JonnyMoeTrades) May 26, 2020
The Altcoin market continues to follow Bitcoin’s current developments and is also trending sideways. Ethereum is down 1.03% and is trades at $203.98, while XRP is recording a small gain of 0.07% to $0.19. Litecoin trades at $42.62 at the time of writing.