The selling pressure in the crypto market continues to rise causing the leading cryptocurrency Bitcoin to lose more ground. The BTC price is falling for straight seven days showcasing an 11.3% weekly loss. Amid this downfall, the prices breached another significant support of $27000 indicating the coin holders are likely to witness a longer downfall.

Key Points:

• A bearish breakdown from $27000 intensifies the selling momentum in the market.
• The Bitcoin price may maintain a bullish rally until the rising support trendline is intact
• The intraday trading volume in Bitcoin is $19.4 Billion, indicating an 8% loss.

Source-Tradingview

Today, with an intraday loss of 2.16%, the Bitcoin price shows a decisive break below the monthly support of $27000. This breakdown offers sellers an additional barrier to put pressure on market buyers and prolong the correction fall.

If the daily candle closes below $27000 with significant volume, interested traders may look for a short-selling opportunity. However, the prices may show a slight pullback to retest the breached support and validate its suitability to this breakdown.

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If the Bitcoin price holds below $27000, the next significant support is directly 6% down to $25200-$25000.

Though the short-term view for bitcoin looks bearish, the overall trend remains bullish as the coin price is still above the 50% Fibonacci retracement level. Moreover, the daily chart shows an ascending trendline which can offer buyers an excellent pullback opportunity to ride the next recovery cycle.

Technical Indicator

Exponential Moving Average: The 200-day EMA nearing $25000 will strengthen the support power of this level.

Relative Strength Index: The RSI slope dives deeper into the bearish territory reflecting the aggressive selling momentum in the market.

Bitcoin Price Intraday Levels 

• Spot rate: $28178
• Trend: Bullish
• Volatility: Medium
• Resistance levels- $27000 and $28800
• Support levels- $25000 and $24000