Bitcoin remains pinned below $27,000, and the recent weakness of the past few days has increased calls from analysts for a fall to the low $20,000 levels. While anything is possible, the bulls are unlikely to give up the $25,000 support without putting up a fight.
Glassnode’s lead on-chain analyst Checkmate said in his comments on May 24 that the sell-side risk ratio metric suggests that “sellers are exhausted on both sides,” and that indicates big moves “are coming.” The last time the sell-side risk ratio was this low was in late 2015, which started the bull run that reached $20,000 in December 2017.
Another short-term positive is that market observers expect a debt ceiling deal to be reached, and that boosted the price of the United States equities markets on May 26. If the risk-on sentiment sustains, it could increase demand for Bitcoin (BTC) and select altcoins.
What are the crucial resistance levels in Bitcoin and the major altcoins that need to be crossed for a sustained recovery to begin? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin bounced off $25,871 on May 25, close to the strong support zone of $25,811 to $25,250. The bulls will try to push the price to the 20-day exponential moving average (EMA) of $27,173.
This level may again attract strong selling by the bears. If the price turns down from the 20-day EMA, it
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Author: Rakesh Upadhyay
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