© Reuters. Analyst Thinks Bitcoin’s Support Level Will Be $27 – $28k
- Bull market may be over if closes the week under the 200-day moving average
- Bitcoin may find support once it hits the $27,000 – $28,000 level
- Failure to recover is a signal for the bear market according to the analysis
An analyst from ethereumworldnews.com pointed out that Bitcoin may find support in the $27,000 to $28,000 level. According to the report, if BTC doesn’t recover from the current market dips, it may be the signal of the start of a bear market.
At the time of writing, Bitcoin is hovering around the $33,000 mark as shown on coin information websites like CoinMarketCap and CoinGecko.
The new dip to $33k theoretically increases the chances of Bitcoin retesting what happened last Wednesday’s when Bitcoin hit a low of $30k. This happened during the weekly close which is now very near as well.
If we also look at Bitcoin’s charts, it recently failed to recover the 200-day moving averag…
This article was first published on coinquora.com
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