Bitcoin may be aiming for another retest of a crucial price level that prevents the digital gold from entering another bear cycle, which appears to be the next logical objective given that the first cryptocurrency was unable to break through $25,000, according to the cryptocurrency’s daily chart. Bitcoin May Fall If It Goes Below This Level After falling below $20,000 in June, Bitcoin has been trading in a rising wedge for more than a month. Since then, the value of the king cryptocurrency has increased by over 25%, with occasional jumps to a 30% price increase. BTC/USD trades at $24k. Source: TradingView Sadly, one pattern—the decreasing volume profile—kept the market as a whole cautious and signaled that traders and investors are not supporting the current direction. When the market once again experiences intense selling pressure, it can eventually finish with downward volatility. A dip below the wedge’s lower border at roughly $23,400 would mark the precise start of the reversal. Fortunately, the threshold coincides with the crucial 50-day moving average support level, which frequently serves as a guideline for trending assets. Related Reading: Skybridge CEO Lists Factors To Spur Crypto Market Recovery Peter Schiff Says Bitcoin May Go Below $10k The economist and ardent opponent of Bitcoin, Peter Schiff, has reaffirmed his gloomy outlook for the price of Bitcoin (BTC/USD), speculating that the benchmark cryptocu...
