Buyers are not giving up so easily, according to the CoinMarketCap ranking.
BTC/USD
The price of Bitcoin (BTC) has increased by 1.19% over the last day.
On the hourly chart, the price is trading in the middle of the narrow channel between the support at $27,491 and the resistance at $27,757.
If closure happens near the $27,700 mark or above, the breakout may lead to a blast to the $27,900-$28,000 area tomorrow.
The rate of Bitcoin (BTC) has reached the zone of interest of buyers ($27,000-$28,000). If sellers' pressure continues and the bar closes near the support at $26,688, there is a chance to see a further drop to the $26,000 area next week.
A similar situation is on the weekly time frame. However, if a breakout happens, the drop can be more profound and lead to a decline to the $24,500-$25,000 zone. Such a scenario is relevant until mid-May.
Bitcoin is trading at $27,713 at press time.
Alex Dovbnya
Vladislav Sopov