The post Bitcoin’s Bearish Trend Continues: Bulls Await Breakthrough Above $27.2K appeared first on Coinpedia Fintech News
In a fascinating twist of fate, a seasoned crypto trader who made waves by selling Bitcoin (BTC) at an astounding $30,000 is now revealing his plan to re-enter the market.
Crypto analyst DonAlt in his new video update, is cautiously assessing the current state of affairs. Here’s his plan:
Drawing Parallels: BTC Action Resembles March’s Bear Trap
Reflecting on past events, DonAlt draws intriguing parallels between Bitcoin’s recent price action and its behavior in early March. He recalls a monumental bear trap on March 9th, where BTC broke below the critical support level of $21,000, only to reclaim it a few days later and surge toward the $30,000 mark.
Drawing inspiration from this historical event, DonAlt suggests that a similar opportunity may be emerging. BTC recently broke support at $27,200, hitting a low of $26,270 last week. However, DonAlt advises vigilance, awaiting signs of support reclamation before considering re-entry into the market.
While bullish sentiments persist, DonAlt warns that Bitcoin remains in a bearish state until it successfully trades above the $27,200 level. For him, a breakdown represents a bearish scenario, and he advocates exercising caution until the market demonstrates strength by reclaiming the critical level.
At the time of writing, Bitcoin is trading at $27,202, highlighting the delicate balance of the crypto market’s current landscape. The road to reaccumulation is fraught with uncertainty, but DonAlt’s seasoned approach and astute observations continue to captivate traders and investors alike.