Bitcoin price has turned red and investors become restless. There is nothing sustaining Bitcoin price above $10k, yet the asset has refused to come down. Investors are wary of the day those propping up the price will decide to drop it.
BRC-20 tokens have become famous, but their fame has left the Bitcoin network in utter tension and stress. The network is now almost unusable. Let’s see how Bitcoin may fare next week.
Previous Analysis
Last week, Bitcoin received some bullish news – the fall of PacWest Bank. When banks fail Bitcoin rises. However, the macro-chart analyzed last week showed Bitcoin found a strong resistance between $31k and $35k. As of the time of writing, Bitcoin is trading at $26,349.
It is likely the bear market bottom was around $15k, but if you have been keen since this year began, the aura of ‘unusual’ has been hanging heavily upon the markets (both traditional and digital).
Legacy banking migrated to a new messaging standard – the ISO20022. The last time a change of this magnitude happened was 100 years ago. Besides that, major banks have been failing left right, and center, yet this news has never hit the mainstream media – is it being intentionally suppressed?
More top officials have been implicated in drug and human trafficking rings, Pedophilia, and corruption in the last three months than in the last decade, yet you have never heard it in the news. Something is definitely going down.
Bitcoin Price Next Week
The Z-score indicator that flashes green or red when the price of Bitcoin rises too high or low below the zero-line (base), flashed red on May 10, 2023. The indicator works with the Crypto Fear and Greed indicator to show points where the market is at maximum greed or fear. If the market is greedy, you sell, and if it’s fearful, you buy.
Since Wednesday, Bitcoin price fell sharply from $28,282 to $26,800. Until it flashes green again, investors should expect Bitcoin price to continue falling.
The price of Bitcoin also closed below the 50-day EMA (green line), a bearish indicator. The curve (blue) has acted as a support previously – but not today. Bitcoin slashed right through this support and is headed for the 200-day EMA (white line). This is a major support, as you can see (blue rectangle).
Investors and traders should expect the 200-day EMA to hold the falling BTC price. BTC leverage traders can make a quick 25% – 50% profit if they short BTC now with 5X to 10X leverage.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decisions based solely on what you read here.