As of 6:48 p.m., the price of Bitcoin is at $27,597.71, reflecting a decrease of -0.84% over the last 24 hours. The current market capitalization of Bitcoin stands at $534,113,932,053.52. Bitcoin has experienced a change of 66.45% since the beginning of the year.
Buyers are attempting to halt the correction of Bitcoin at the 50-day simple moving average (SMA) of $26,983. However, the limited bounce suggests that the bears are still unwilling to surrender. The 20-day exponential moving average (EMA) of $28,606 is beginning to trend downward, and the relative strength index (RSI) is in the negative zone, indicating that the bears have a slight advantage. If the 50-day SMA fails, selling could escalate. If the BTC/USDT pair falls, it may drop to the breakout level of $25,250. This is an essential level to monitor because if this support fails, the pair may plummet to $20,000.
For a rebound, buyers must drive and maintain the price above the 20-day EMA. This could generate buying interest and push the price to the $31,000-$32,500 resistance zone. The pair rebounded from $27,125 and approached the 20-day EMA, which is the first obstacle that bulls must overcome to initiate a robust recovery. The pair may then reach the 50-day SMA, where bears will likely put up a significant defense. If the price declines from the present level and drops below $27,125, it implies that sentiment remains negative, and traders are selling on each minor rally. This increases the probability of a drop to $26,500 and ultimately to $25,250.
