Bitcoin

As Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) continues to trade sideways, failing to overcome any significant <a href="https://finbold.com/guide/support-and-resistance/" rel="noopener noreferrer nofollow">resistance</a> for another week, more trouble could be ahead as the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset positions itself for a downside, waiting for just one more signal to continue dropping further.Indeed, <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> has performed another weekly close below $27,600, which means it has fully confirmed the breakdown from this level, according to an analysis <a href="https://twitter.com/rektcapital/status/1660564853705113600" rel="noopener noreferrer nofollow">shared</a> by pseudonymous <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> market analyst Rekt Capital on May 22.Furthermore, the expert explained that sell-side volume was the only thing missing for the other shoe to drop and prompt an even deeper downside for Bitcoin, where it has technically already positioned itself, as the <a href="https://finbold.com/guide/chart-patterns/" rel="noopener noreferrer nofollow">chart pattern</a> analysis suggests.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/130ad4f0875c4581be41afad8380ad22.png" />Bitcoin price action analysis. Source: <a href="https://twitter.com/rektcapital/status/1660564853705113600" rel="noopener noreferrer nofollow">Rekt Capital</a>Earlier, when Bitcoin was also still rejecting from the above level, Rekt Capital said that “as long as it continues to act as resistance, there is a threat of an even stronger rejection to prompt extra downside” in a <a href="https://twitter.com/rektcapital/status/1659450803978121216" rel="noopener noreferrer nofollow">tweet</a> shared on May 19.On May 18, the analyst <a href="https://twitter.com/rektcapital/status/1659169412044427264" rel="noopener noreferrer nofollow">announced</a> that a one-week close below $27,600 would double-confirm a breakdown from it and could set BTC up for downside continuation, whereas reclaiming this level would give it a chance at <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bullish</a> momentum.<h2 id="header-0">Bitcoin price analysis</h2>Meanwhile, Bitcoin was at press time changing hands at the price of $26,865, demonstrating a decline of 0.84% on the day and 1.89% across the past week, as well as losing 1.39% on its monthly chart, according to the recent data retrieved on May 22.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/ada4f65149124262a9549084fde36b42.png" />Bitcoin 7-day price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a>As Finbold reported on May 20, Bloomberg’s senior <a href="https://finbold.com/guide/what-are-commodities/" rel="noopener noreferrer nofollow">commodity</a> strategist Mike McGlone <a href="https://finbold.com/severe-recession-unavoidable-finance-expert-warns-shares-outlook-for-bitcoin/" rel="noopener noreferrer nofollow">suggested</a> Bitcoin might be about to establish a new <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bear market</a> low amid the period of turbulence as the <a href="https://finbold.com/stocks/" rel="noopener noreferrer nofollow">stock</a> market underwent a downward trajectory.Interestingly, Bitcoin’s 60-day <a href="https://finbold.com/bitcoin-volatility-reaches-historically-significant-lows-massive-rally-in-store/" rel="noopener noreferrer nofollow">volatility has dropped</a> to a historically significant range of 40%, and chart patterns over the last five years indicate that a price increase of about 46% could follow, although caution is necessary as it has not always been the case.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>

Is Bitcoin in trouble? $27.6k resistance level sparks concerns

Table of Contents

Finbold

Other articles published on May 22, 2023

Oasis Partners With Covalent To Bring Sapphire Data to Web3

‘Severe recession’ unavoidable, finance expert warns, shares outlook for Bitcoin

Vitalik Buterin’s Warning: Overloading Ethereum Consensus Risks Ecosystem Stability

Bitcoin remains stable for now despite US debt default worries

Ethereum is chasing the bull amid market uncertainty, data shows

Tornado Cash governance attack triggers TORN token price fluctuations

Join our free newsletter for daily crypto updates!