Bitcoin Price Prediction: Breaking Below $29,000 to Hit New Low Since July, Where's the Next Support Level?
Last night at 20:00, on the Bitcoin (BTC) 1-hour chart, a large bearish candle broke through $29,000. Immediately after, the bulls attempted a rebound but only managed to form a long lower shadow without reclaiming the $29,000 level.
While the bears continued to exert selling pressure, the bulls retreated. At the time of writing, Bitcoin plummeted to a new low since July 2023, reaching $28,300.
Bitcoin 1-hour price chart, Source: TradingView.
Currently, BTC has entered the middle of a range, which serves as a psychological support level but can only provide limited buffering and possibly a temporary bounce. However, based on the weekly chart, Bitcoin is likely to continue its downtrend, with a high probability of retesting the bottom support level at $25,000.
Bitcoin weekly price chart, Source: TradingView.
In July, BTC mainly traded sideways, allowing some altcoins like DOGE and TRX to maintain stability and even show independent trends. However, after the recent drop and new lows in nearly two months, these altcoins have also followed the downward trend.
24-hour price drop of the top 14 cryptocurrencies by CMC, Source: CoinMarketCap.
In the absence of significant positive news, the price movements of various coins are closely tied to BTC. Especially during BTC's decline, panic selling is triggered, and the bulls of other coins lose all resistance.
Next, BTC's potential retracement may lead mainstream coins (excluding ETH) to hit new lows in almost three years, while smaller coins may experience continuous declines. Therefore, it is important to hedge or exercise other risk control measures.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
