Bitcoin

Cryptocurrency analyst Michael Pizzino has predicted that Bitcoin (BTC) could recover swiftly after its 24-hour loss. In his analysis, he shared that the market leader is currently holding at a key support level that he believes is necessary for a rapid recovery to take place. He also pointed out that the $29,000 level will be an important level to watch in the coming days.Bitcoin Bullish and bearish wedge formations formed on the Bitcoin chart! On BTC&#39;s daily chart, a short-term bullish wedge formation and a medium-term ascending bearish wedge formation have taken shape. Throughout the past week, BTC&#39;s price made several attempts to break above the boundaries of the bullish wedge formation and surpass the $30,000 mark. Despite these efforts, bears effectively capped the price increase and prevented a breakout.The latest attempt to breach this chart formation occurred on Monday and ended in failure. The rejection of the upper boundary of the chart formation led to a sharp decline in Bitcoin&#39;s price, causing it to lose support from the 9, 20, and 50 Exponential Moving Average (EMA) lines on the daily chart.As indicated by technical indicators, given the shift in momentum that favors sellers, the decline in BTC&#39;s price could extend into the next week. At press time, the 9-day EMA line was below the 20-day EMA line, both of which were positioned below the 50-day EMA line.This configuration implied that Bitcoin had entered a short- and medium-term downtrend, suggesting that the price drop could potentially continue. If this bearish scenario unfolds, BTC could face the lower boundary of the medium-term ascending wedge formation, which is located around $28,215, in the coming week.Breaking below this level could pave the way for a drop to $27,500 by the following week. However, if the downward momentum persists, the cryptocurrency&#39;s price could potentially fall to $26,915 by the end of the month.It&#39;s important to note that if BTC achieves a daily candle close above the $29,000 threshold, this bearish outlook would be invalidated. In such a scenario, the cryptocurrency&#39;s price would likely make another attempt to surpass the $30,000 barrier.https://kriptoparahaber.com/bitcoin-fiyati-29-bin-dolarin-altina-dustu-btc-dusmeye-devam-edecek-mi/

Bitcoin price dropped below $29,000: Will BTC continue to decline?

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