Bitcoin

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<p class="is-style-lead">In light of a modest 3% decline within the last 24 hours, cryptocurrency trader and analyst Ali Martinez has taken to Twitter to explain his belief that bitcoin&#8217;s price will likely continue its downward trend. </p>



<p>Martinez notes that the leading cryptocurrency appears to be losing support from crucial levels, increasing the probability of a significant price correction. There is a significant demand barrier between $23,200 and $24,000, where 340,000 <a href="https://crypto.news/price/bitcoin/">BTC</a> was purchased by 850,000 investors, totaling $8,946,930,000.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Notice that <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> appears to be losing all major areas of support. This increases the probability of a correction to the next important demand wall between $23,200 and $24,000, where 850,000 addresses had previously purchased 340,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a>. <a href="https://t.co/IvBLJKiSVw" target="_blank">pic.twitter.com/IvBLJKiSVw</a></p>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1661373346527817729?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 24, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Trader Peter Brandt and other experts echo similar sentiments, indicating that bitcoin&#8217;s descent on the price chart may persist. Brandt recently identified a developing &#8220;flag&#8221; pattern on a BTC chart, suggesting that a further correction could be expected. </p>



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<iframe loading="lazy" title="UK Inflation Data Causing PANIC | Bitcoin Holds" width="1020" height="574" src="https://www.youtube.com/embed/qzPJbUSzSMY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>Bitcoin, trading at $26.200 as of press time, had dropped by 3.9% in price valuation within 24 hours of trading, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener">according to stats</a> provided by CoinMarketCap.  </p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="660" src="https://crypto.news/app/uploads/2023/05/image-63-1024x660.png" alt="Bitcoin analyst issues warning, dip below $24k could be inevitable - 1" class="wp-image-14161013"><figcaption class="wp-element-caption">BTC 24-hour chart | Source: <a href="https://www.tradingview.com/chart/?symbol=BITSTAMP%3ABTCUSD" target="_blank" rel="noreferrer noopener">TradingView</a></figcaption></figure>



<p><a href="https://crypto.news/free-bitcoins/">Bitcoin’s</a> volatility levels are relatively moderate as the Bollinger bands, used in estimating market volatility levels, maintain an average distance away from each other.&nbsp;</p>



<p>The relative strength indicator also moves below its average line as bitcoin bears push for the oversold region.</p>



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Bitcoin analyst issues warning, dip below $24k could be inevitable

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