{"id":23039,"date":"2023-05-24T15:45:01","date_gmt":"2023-05-24T15:45:01","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/05\/24\/bitcoin-price-drops-under-crucial-support-more-pain-ahead\/"},"modified":"2023-05-24T15:45:01","modified_gmt":"2023-05-24T15:45:01","slug":"bitcoin-price-drops-under-crucial-support-more-pain-ahead","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/05\/24\/bitcoin-price-drops-under-crucial-support-more-pain-ahead\/","title":{"rendered":"Bitcoin Price Drops Under Crucial Support, More Pain Ahead?"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<p>Bitcoin continues to indicate indicators of weak point because the BTC worth declines additional all the way in which nearer to $26,000. As of press time, Bitcoin is buying and selling 3.5% down at a worth of $26,303 with a market cap of $511 billion.<\/p>\n<p>Amid the present downward spiral, Bitcoin has been breaking underneath essential assist ranges which exhibits that the correction is much from over and there\u2019s extra ache forward. As per well-liked crypto analyst Ali Martinez, there\u2019s a chance of the BTC worth dropping all the way in which to $23,000. In his latest tweet, Martinez <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/ali_charts\/status\/1661373346527817729\" target=\"_blank\">writes<\/a>:<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.59 --><\/p>\n<blockquote>\n<p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">\u201cNotice that <\/span><span class=\"r-18u37iz\">#Bitcoin<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> appears to be losing all major areas of support. This increases the probability of a correction to the next important demand wall between $23,200 and $24,000, where 850,000 addresses had previously purchased 340,000 BTC\u201d.\u00a0<\/span><\/p>\n<\/blockquote>\n<figure id=\"attachment_149482\" aria-describedby=\"caption-attachment-149482\" style=\"width: 2338px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-149482\" alt=\"\" width=\"2338\" height=\"866\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/05\/24201035\/Bitcoin-Supply.jpeg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-149482\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/05\/24201035\/Bitcoin-Supply.jpeg\" alt=\"\" width=\"2338\" height=\"866\"\/><\/noscript><figcaption id=\"caption-attachment-149482\" class=\"wp-caption-text dfdfdf1\">Courtesy: IntoTheBlock<\/figcaption><\/figure>\n<p>The present promoting stress on Bitcoin elevated during the last hours because the US markets opened on a destructive word. All of the top-three US indices are down by 0.7% as of press time, as the talk over elevating the debt ceiling drags into one other day.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.59 --><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.59 --><\/p>\n<p>As the negotiations between the lawmakers proceed, buyers stay apprehensive in regards to the potential final result because the deadline of early June approaches, and whether or not the US will default on its debt. This might probably ship shockwaves throughout the broader crypto market.<\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.59 --><\/p>\n<h3>Is extra Harm Possible In Bitcoin and Crypto?<\/h3>\n<p>Crypto analyst Michael Van de Poppe said that it wouldn\u2019t be prudent to make any contemporary entry into Bitcoin at this level. Popper <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1661370312414330886\" target=\"_blank\">writes<\/a>: \u201cBreaking south, as $27K wasn\u2019t flipped, which means we\u2019ll be testing lower and sweeping $26K, most likely. Acceleration at the moment, so waiting for a clear bullish divergence to pop up for an entry\u201d.<\/p>\n<p>He additional added: \u201c<span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">Total market capitalization for <\/span><span class=\"r-18u37iz\">#Crypto<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> is getting into the areas of the 200-Week MA and EMA. Moment of truth is coming up. Breaking beneath, and some additional harm will be there\u201d.<\/span><\/p>\n<figure id=\"attachment_149485\" aria-describedby=\"caption-attachment-149485\" style=\"width: 1834px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-149485\" alt=\"\" width=\"1834\" height=\"770\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/05\/24202245\/Crypto-Market.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-149485\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/05\/24202245\/Crypto-Market.png\" alt=\"\" width=\"1834\" height=\"770\"\/><\/noscript><figcaption id=\"caption-attachment-149485\" class=\"wp-caption-text dfdfdf1\">Courtesy: Van de Poppe<\/figcaption><\/figure>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.59 --><\/p>\n<div class=\"TabDicA\">\n<div class=\"TBAcon \">\n<div class=\"authorFlip tabcS\" id=\"TabA149481\">\n<div class=\"authorBox\">\n<div class=\"author_Name\">\n<!--\n                                      \n\n<div class=\"getAuthoname\">\n                                          \n                                                                                 \n                                       <\/div>\n\n \n--><\/p>\n<p>Bhushan is a FinTech fanatic and holds a very good aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is constantly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and typically discover his culinary abilities.                         <\/p>\n<\/p><\/div>\n<div class=\"author_Image\">\n                                             <img loading=\"lazy\" alt=\"\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/6d622b7613c3c79c72d94a2e7cffa3b2?s=400&amp;d=mm&amp;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\" src=\"https:\/\/secure.gravatar.com\/avatar\/6d622b7613c3c79c72d94a2e7cffa3b2?s=200&amp;d=mm&amp;r=g\"\/><noscript><img loading=\"lazy\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/6d622b7613c3c79c72d94a2e7cffa3b2?s=200&amp;d=mm&amp;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/6d622b7613c3c79c72d94a2e7cffa3b2?s=400&amp;d=mm&amp;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\"\/><\/noscript>                                       <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD149481\">\n<p>  The introduced content material might embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn&#8217;t maintain any accountability to your private monetary loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/coingape.com\/bitcoin-btc-price-breaking-under-crucial-support-levels-23000-coming\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Bitcoin continues to indicate indicators of weak point because the BTC worth declines additional all the way in which nearer to $26,000. As of press time, Bitcoin is buying and selling 3.5% down at a worth of $26,303 with a market cap of $511 billion. Amid the present downward spiral, Bitcoin has been breaking 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