Bitcoin’s recent price movement has dived to the $27,000 level, sparking concerns among traders and investors.
As the market sentiment shifts, all eyes are now on a crucial support level at $26,600.
The cryptocurrency’s ability to hold this support level will determine its next move and could potentially set the tone for the near-term price action.
In this Bitcoin price prediction, we delve into the factors influencing the market and analyze the significance of the $26,600 support level.
Bitcoin Price Prediction
Bitcoin is currently priced at $26,858 as of June 1st, showing a decrease of nearly 1%% in the past 24 hours.
The leading cryptocurrency has continued its downward movement for the fourth consecutive session, reflecting a bearish trend.
This comes as the broader cryptocurrency market experiences mixed sentiments.
Bitcoin’s price is displaying a slightly bearish trend, hovering around the 26,850 level.
Analysis of the four-hour timeframe reveals that Bitcoin has already reached the 78.6% Fibonacci retracement level and subsequently declined toward the next support level at 26,650.
The significance of this support level was discussed in our previous update, as its breach could potentially trigger a bullish reversal in Bitcoin’s price.
The presence of a bearish engulfing candlestick formation below the 50-day exponential moving average suggests that bears are currently dominating the market sentiment.
Nevertheless, as long as the price maintains its position above the 26,600 level, there is a possibility of a reversal in the trend.
This could lead to a potential upward move, targeting resistance levels at 27,300, 27,500, or even 28,000.
On the downside, if Bitcoin breaks below the 26,600 support level, the next target for sellers could be around 26,000.
This article was originally published by CryptoNews.