Bitcoin

Daily

<p>Bitcoin&#8217;s price has been trending to the upside since the beginning of 2023. However, it has been showing signs of a reversal recently, following a clear rejection from the $30K resistance level.</p>
<h2 id="technical-analysis">Technical Analysis</h2>
<p>By: <a href="https://twitter.com/TradingRage" data-wpel-link="external" target="_blank">Edris</a></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>The price has been consolidating since it failed to break above the $30K resistance level. The 50-day moving average has been providing support but is currently getting broken to the downside around the $28K mark.</p>
<p>In the event of a valid bearish breakout, the $25K support level would be the next probable target, followed by the key 200-day moving average, which is trending around the $22K area. The RSI has also dropped below the 50% threshold recently, hinting at a potential decline in the short term as momentum is shifting bearish.</p>
<figure id="attachment_249847" aria-describedby="caption-attachment-249847" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-1-scaled.jpg" data-wpel-link="internal"><img class="wp-image-249847 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-1-scaled.jpg" alt="btc_price_chart_0905231" width="2560" height="1386" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-1-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-1-300x162.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-1-1024x554.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-1-768x416.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-1-1536x832.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-1-2048x1109.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-Daily-1-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-249847" class="wp-caption-text">Source: TradingView</figcaption></figure>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>On the 4-hour chart, it is evident that the price has been bouncing in a tight range between the $30K and $28K levels and is testing the latter at the moment. If a breakdown were to occur, a rapid plunge toward the $25K zone could be expected in the near term.</p>
<p>Even so, the RSI is approaching the oversold area, increasing the probability for the price to rebound from the $28K level and push towards the $30K resistance once more. However, all things considered, the bearish scenario seems more likely from a classical price action point of view on both the daily and the 4-hour timeframes.</p>
<figure id="attachment_249848" aria-describedby="caption-attachment-249848" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-1-scaled.jpg" data-wpel-link="internal"><img class="wp-image-249848 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-1-scaled.jpg" alt="btc_price_chart_0905232" width="2560" height="1386" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-1-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-1-300x162.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-1-1024x554.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-1-768x416.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-1-1536x832.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-1-2048x1109.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/05/BTC-4H-1-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-249848" class="wp-caption-text">Source: TradingView</figcaption></figure>
<h2 id="onchain-analysis">Onchain Analysis</h2>
<p>By <a href="https://twitter.com/greatest_trader" data-wpel-link="external" target="_blank">Shayan</a></p>
<p>Due to the rise in Bitcoin transactions on Sunday, the fees paid to miners increased significantly. This pattern is uncommon for bear markets but is frequent during bull market tops.</p>
<p>The growing use of the Taproot update, which allows for the inclusion of NFTs and the BRC-20 token on the Bitcoin blockchain, can be related to the increase in transaction fees.  While this may be a drawback for routine transactions, it is advantageous for mining earnings.</p>
<p>Furthermore, this shift has caused changes in other on-chain metrics, such as a significant increase in the number of active addresses and transactions. This could be seen as a positive sign, marking the beginning of a bull market.</p>
<figure id="attachment_249664" aria-describedby="caption-attachment-249664" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-Fees-Total-scaled.jpg" data-wpel-link="internal"><img class="wp-image-249664 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-Fees-Total-scaled.jpg" alt="btc_fees_chart_0905231" width="2560" height="1612" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-Fees-Total-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-Fees-Total-300x189.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-Fees-Total-1024x645.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-Fees-Total-768x484.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-Fees-Total-1536x967.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-Fees-Total-2048x1290.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/05/Bitcoin-Fees-Total-50x31.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-249664" class="wp-caption-text">Source: CryptoQuant</figcaption></figure>
<p>The post <a href="https://cryptopotato.com/btc-plunges-toward-27k-on-network-congestion-stress-is-25k-next-bitcoin-price-analysis/" rel="nofollow">BTC Plunges Toward $27K on Network Congestion Stress, is $25K Next? (Bitcoin Price Analysis)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

BTC Plunges Toward $27K on Network Congestion Stress, is $25K Next? (Bitcoin Price Analysis)

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