Bitcoin price is struggling to hold the $27,000 level, but a critical signal says otherwise. Investors are reducing their exposure to altcoins as they worry about further declines. This selling is causing bigger losses in cryptocurrencies other than Bitcoin. So what is the current situation? What do cryptocurrency experts think?
Inflation data is positive for cryptocurrencies, but the price says the opposite. Bitcoin price confirmed $28,000 as resistance and is losing the 27,200 level. After yesterday’s weak rebound, today the Bitcoin price can’t find enough support for a rise. Popular cryptocurrency analyst Daan Crypto Trades assessed the current situation.
“The decline retreated, but then the price quickly rose again. We are still trading at the lows of the range and I think short positions are risky until the breakout. The bulls need to show strength at the daily open for me to consider a possible reversal scenario.”
Cryptocurrency Bull Signal
Another crypto analyst, Crypto Tony, remains bearish. Many analysts have said they don’t believe Bitcoin will continue to rise while it is still at $30,000. Tony was one of them. The popular analyst said;
“Personally, the decline continues to wait. But take your time and wait for the $ 27,000 level to be lost. We are holding it for now, so there is no reason to take a short position yet”.
Analyst Moustache, on the other hand, thinks differently from the other two experts. Notably, two moving averages, the 20-week and 200-week, provided a buying opportunity in Bitcoin’s most recent down cycle. The expert reminds this.
“In September 2022, there was a bearish crossover at the SMA 20/200 line for the first time on record. This gave many people the opportunity to buy BTC at around $15,000. But what about now? SMA 20/200 is about to turn bullish. Price above blue increases the bullish probability”.
In addition to this bullish signal, macroeconomic developments were also in favor of cryptocurrencies. Financial commentator Tedtalksmacro noted that with similar signals coming from the Consumer Price Index (CPI) the previous day, interest rates are more likely to stop rising in June.