Bitcoin traders offer downside targets as BTC price risks a drop below $25,000
Bitcoin (BTC) treaded water below $28,000 on May 9 as markets braced for macroeconomic data.
Bitcoin remains muted on the eve of CPI
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading near $27,700 at today’s Wall Street open.
The pair had seen bigger losses the previous day, with a loss of $27,300 so far marking the local bottom.
Traders were hoping that May 10 would bring some much-needed volatility in the form of the US Consumer Price Index (CPI) for April.
“Bitcoin is still trending down, as $27,800 now becomes resistance. I expect another dip, and then we are ready to long in anticipation of CPI,” Michaël van de Poppe, founder and CEO of trading company Eight, told Twitter followers in an update.
Van de Poppe added that a bullish divergence in transaction volume was also needed to sustain a recovery.
Others were decidedly less optimistic, with popular trading resource Game of Trades predicting bearish moves to come.
“A confirmed breakdown would have an implied target near the $24k region,” it added the day before.
In part of his own analysis take a similar position, co-trader Crypto Tony continued to warn of more inconveniences to come.
“When we lose $27,000, things should start escalating from here,” he argued.
“$25,200 – $24,200 are my main targets for now and where I want to throw out some profit.”
Realized price data joins bearish thesis
Meanwhile, on-chain analytics platform CryptoQuant suggested realized price clusters as potential support.
Related: BTC Price May Need a $24.4K Drop as Bitcoin Speculators Stay in Profit
In one of the Quicktake blog posts on May 10, contributor Abramchart flagged the area around $25,600 as the area to watch.
This came through the use of the UTXO Age Bands metric, which measures the price at which various BTC cohorts last moved.
“The closest support area is 25619, which represents the average purchase amount of wallets that have bought Bitcoin over the last 3-6 months,” Abramchart summarized.
Blade: Unstable coins: Depegging, bank runs and other risks loom
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making a decision.
