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Bitcoin below $26.8K – All you need to know

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

The market structure has been bearish since late April.
The breaker block from February could see heavy activity from BTC bulls.

After the powerful gains Bitcoin [BTC] registered in January and March, investor sentiment behind BTC has shifted from utter dejection to hope and optimism. This was especially true after the rally in March, following the retest of the $20k support zone.

Read Bitcoin’s [BTC] Price Prediction 2023-24

However, the bulls were unable to breach the $30k mark. A recent report highlighted that the downturn in prices was a response to the network overheating. Can the buyers exert a reversal, and where could it occur on the charts?

The fall below $26.8k handed power to the bears

Source: BTC/USDT on TradingView

The rally in March meant Bitcoin had a bullish market structure until the latter half of April. On 21 April, BTC fell below $27.7k, flipping the market structure to bearish. It has remained that way in the past month.

Over the past two weeks, the bulls tried desperately to defend the $26.8k-$27k area but were overcome on 24 May. Investors in traditional markets seemed to be worried about the U.S. debt ceiling, which in turn negatively impacted the crypto markets.

To the south, a bullish breaker block (cyan) on the 1-day timeframe sat in the $24k-$25k region. It was formerly a bearish order block that was breached during the March rally. This region has confluence with the $25.2k and $24.3k levels, marking it as a significant support zone.

The Relative Strength Indicator was below neutral 50, showing a

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Author: Akashnath S

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