| Bitcoin Will Probably Retest $25K But Bears Beware, On-chain Indicators Suggest BTC Price in Early-Stage Bull Market The world’s first and largest cryptocurrency by market capitalization has now pulled more than 13% lower versus the yearly highs it printed back in April to the north of the $31,000 level. In doing so, it has fallen convincingly to the south of its 21 and 50-Day Moving Averages (both in the mid-$28,000s) and was last changing hands just under the $27,000. Data this week showed that US inflation, while still hot, is easing, lessening pressure on the Fed to keep interest rates higher for longer. But Bitcoin is threatening nonetheless threatening a break below the lower bounds of its mid-$26,000s to $31,000ish range that has been in plan since mid-March. Perhaps more presciently, BTC is also threatening a breakout below a pennant structure that had formed in the past few weeks. Jun-8-2023 05:03:23 AM |