On May 26, the entire Bitcoin (BTC) community witnessed yet another pull in its price. The trading price of Bitcoin retreated all the way down to the support mark of $28,630 and then below it. It happened because the bulls were not so confident over the buying power.
The bulls did try to put up a strong challenge but they failed to sustain the pressure coming from them at the lower levels. This caused Bitcoin to fall down to its current low trading price and the situation is still not looking positive.
The recent movement of Bitcoin has successfully formed a candlestick pattern. It shows that on a particular day, the bulls tried putting up a strong fight by purchasing Bitcoin at a stronger level. Still, the bulls’ strategy didn’t work out for long and they ended up getting pulled down by the bears.
Where are the Bulls Now?
At the moment, the price of Bitcoin is hovering at $28,630. The bulls are trying hard to defend the strong support position. It appears to be a very critical level for the bulls and the bears will also try their best to get past their defenses. The investors will need to keep a very close eye on the current trading price of Bitcoin.
Possible Elevation for Bitcoin if the Bulls Prevail
For now, the bulls are trying to use some of the market updates in their favor. It includes the latest announcements by El Salvador and the billionaire, Bill Miller of sticking with Bitcoin.
These are working as strong positive factors that may help the bulls gain more determination. In this particular case, Bitcoin’s price may start moving higher. The first target that the bulls may achieve would be $30,868, the 20-day EMA.
It will be a turning point for the bulls as they will be able to challenge the bears with more confidence. If things do work out and the factors stay strong, then Bitcoin’s price may move higher. The acceleration rate of the buyers may rise. In such a scenario, Bitcoin’s price may move up to a strong resistance checkpoint of $35,721. It is currently the 50-SMA for Bitcoin that the bulls may achieve with their strong positive sentiments.
The Nightmare for the Bitcoin Community
From one perspective, the dip in Bitcoin would be a strong opportunity of accumulating digital asset. However, the other perspective would be a very dangerous downtrend for Bitcoin. If the investors grow a perception of no return for Bitcoin, the situation may turn for the worst.
Looking at the negative side, if the bears outdo the bulls, then Bitcoin’s price may fall to a lower trading price of $26,700. It would be a crucial support level for Bitcoin, and if Bitcoin falls below this point, then a strong bearish trend may come into play. If it continues, then Bitcoin’s price may dip to $20,000.