Bitcoin (BTC) price is under renewed selling pressure as the upside has stalled near the $27.500 high.
Since May 12, the BTC price has hovered between $26,400 and $28,000, triggering a bidding war between buyers and sellers. Unable to keep the price above the high of $27,500, buyers were rebuffed three times. On May 24, the lower price range was undercut, giving the advantage to the sellers. The largest cryptocurrency is expected to fall further in light of the recent event. The low of $25,712 will provide further selling pressure. This suggests that the oversold area of the bitcoin market will be revisited. However, the BTC price is expected to recover at the following support to initiate a potential upside move. At the time of writing, the price of one bitcoin is at $26,131. The price of the cryptocurrency has retested the lower price range for the beginning of the slump at $26,400.
On the Relative Strength Index for the period 14, the recent decline has brought Bitcoin to level 36. The oversold area of the market is getting closer as the value of the cryptocurrency declines. The moving average lines resisted by the 21-day line SMA are below the price bars. This indicates that the cryptocurrency will continue to fall. According to the daily stochastics, the largest cryptocurrency asset has fallen into an oversold area of the market. This means that the current selling pressure is likely to subside. The daily stochastic is currently below the level of 20.
Key resistance levels - $30,000 and $35,000
Key support levels - $20,000 and $15,000
The largest cryptocurrency has deteriorated as it continues its downtrend. When Bitcoin was trapped in a range for two weeks, it managed to resist the negative run. The current slide is expected to continue until it reaches the previous low of $25,700. Bitcoin will rise if the support level of $25,700 is held.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.