Bitcoin’s price has recovered since its dip at $25,800 and is currently over $27,400. BTC may continue to rise into the $28,000 to $30,000 range as market sentiment improves, however an analyst believes BTC will suffer if $27.600 becomes a new resistance level.
As of May 15, 2023 at 9:50 am ET, Bitcoin’s value is $27,405.911.81, up 2% since the previous 24 hours. A popular crypto analyst believes that digital gold could still break through a key level of resistance and reach the old support at $28,000.
The long term outlook for the crypto market is bullish, especially since it survived the crash of FTX. The Crypto prices could continue to move in a shaky direction if the US regulatory environment and the stock market remain the same.
Crypto analyst Rekt Capital believes that Bitcoin price could dip past the largely anticipated buffer zone at $25,000 if current levels don’t hold. He tweeted that BTC/USD is bouncing off lows of $28,800 and that the problem with this bounce is that it is occurring after a Weekly Close below black support. Such a 1W close is setting BTC up for more downside especially if this rebound is a relief rally. He noted that if $27600 is rejected as a support, it could force more downside in Bitcoin’s price.
The stock market is poised to gain as investors look at a deal on the debt limit and inflation fears in corporate America. However, the change in sentiment in the stock market and crypto could cause Bitcoin to fall below $25k.
Rekt thinks the flagship crypto’s price could fall to the $20,000 level. The average salary for a new hire is between $28k to $30k, and the supply zone is located near $33,000. The main challenge would be approximately $28,800.