Bitcoin’s Next Big Move Hinges on $26,500

by Justin Bennett  · 

May 25, 2023

by Justin Bennett  · 

May 25, 2023

by Justin Bennett  · 

May 25, 2023

Bitcoin closed below $26,500 on Wednesday for the first time since mid-March.

The level had served as key support for months before Wednesday’s breakdown.

However, the jury is out on whether that breakdown holds.

Bitcoin is testing the $26,500 level as new resistance today, and bulls are doing everything possible to close the session back above that mark.

But as always, a daily close above $26,500 and, ideally, $26,700 is required to flip the level back to support and expose the liquidation cluster at $27,800.

Until then, the $26,500-$26,700 area is critical resistance.

And unless BTC bulls can reclaim that area this week, the next stop for Bitcoin lies in the $25,000 region.

There’s also the bottom of a descending channel just below that level near $24,800.

So without a sustained break back above $26,500-$26,700, the $25,000 area is next.

Where Bitcoin goes from there (if tested) depends on how the market reacts to channel support and the $25,200 horizontal level.

That said, don’t rule out a reclaim this week, especially given how indecisive markets have been this month.

A daily close above $26,500 and $26,700 would confirm the fakeout and expose $27,600 and likely the liquidation cluster at $27,800.

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