Beginning of the year projected an honest recovery from the 2022 bear market lows under $16,000. The market participants had also been certain that the crypto markets were entering a recovery phase. But the bears arrived swiftly, and a few governmental crackdowns poured fuel to the flames. The BTC price is currently stuck around $26,000 as bulls lack the strength needed to overcome the bearish influence.
In the near future, the price of one bitcoin fluctuates very little between $26,188 and $25,710. The value is trading just below the crucial resistance on the 200-D EMA and MA levels, which will fuel further bearish movements. Furthermore, due to the potential for a bullish crossover, the MACD is getting closer to flashing a buy signal. This could sporadically elevate the degrees over the temporary barrier, pushing the value past the symmetric triangle and into safe zones above $26,500.
Otherwise, the rejection might cause the value decline to go below $25,000 in the event of a bearish reversal. However, because the merchants keep BTC in their wallets, the possibility of a drop reversal could not last for very long. The Bitcoin supply on the exchanges has decreased to record low levels, according to statistics from Santiment, which is flashing optimistic indicators over the long term.
The governmental assault on Binance and Coinbase has created uncertainty clouds that continue to hang over the cryptocurrency market, which is why investors continue to remain uncertain. The SEC also considers the vast majority of cryptocurrencies to be securities, which can further keep altcoins under bearish pressure.
