Annii host from the Crypto Banter YouTube channel predicts on Wednesday that Bitcoin’s price could potentially drop to $21,700 amid a bearish sentiment. Annii examined Bitcoin’s recent performance and observed that it has been unable to reach previous support levels established during the last bull market.
By analyzing the BTC/USD weekly chart using several exponential moving averages (EMAs), Annii concluded that Bitcoin’s price is currently below all the plotted EMAs, indicating a bearish trend. A key factor contributing to the bearish sentiment is Bitcoin’s repeated failure to close above the convergence zone of multiple EMAs in the past six weeks.
The identified bearish target lies at $21,700, unless there is a move above the converging EMAs. As of now, Bitcoin is trading at approximately $26,247, having experienced sideways movement between $24,800 and $31,804 since March.
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