Bitcoin price forecast: BTC remains in bearish territory after falling below $27,000
Bitcoin price forecast: BTC remains in bearish territory after falling below $27,000
The Bitcoin price was trading below $27,000 on Thursday but is showing a desire to regain control of the $27,500 level.
It is worth noting that BTC remains in bearish territory, and many crypto analysts are predicting its further decline. For example, popular trader XO stated in his X post that signs point to a possible drop in Bitcoin below $25,000 as spot holders will start to turn around in fear of lower prices.
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Caleb Franzen, founder of Cubic Analytics, believes that Bitcoin could fall to $24,000 if it fails to find support at the upper end of its summer downtrend.
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However, the Bitcoin market continues to fall as rising stock markets and falling bond yields have failed to spark investor interest in the cryptocurrency. In addition, the U.S. Producer Price Index (PPI) for September beat expectations, and the minutes of the last FOMC meeting showed that the majority of committee members expect one more rate hike before the monetary tightening cycle is over.
Currently, the price of BTC is down 0.17% to trade at $26,830.99.
If the asset is able to overcome near-term resistance at $26,950, it could continue to move towards $28,250 and key resistance at $28,500, a break of which would create bullish momentum for a move towards $30,000.
However, if BTC fails to consolidate above $27,000, it could extend its losses. The next support levels to the downside are at $26,650 and $26,500. A close below the $26,500 level could lead to a further collapse to $26,000.
Read also: Will the ETH/USD pair be able to overcome the $1,565 resistance point?
