• Analysts have issued a “nuke” warning for Bitcoin prices, as the cryptocurrency struggles to stay above the $27,000 support level.
• Macro issues such as declining US BTC holdings and a decrease in stablecoin supply may hinder Bitcoin’s recovery.
• Traders are hopeful that Bitcoin will repeat its March recovery, though current price structure does not support this hypothesis.
Bitcoin Price Risk of Major Drop Warns Analysts
Analysts have issued a “nuke” warning for Bitcoin prices, as the world’s largest cryptocurrency struggles to stay above the $27,000 support level.
Bulls’ Last Hope
Independent market analyst PostyXBT noted that the $27,000 support is the “bulls’ last hope,” adding to a previous argument that BTC price might not be able to reclaim the support level.
Traders Wary Of Further Dip
Another trader agreed with PostyXBT, claiming the dip might not be over and there was a decent chance of Bitcoin price dropping further.
Macro Issues Might Hurt BTC Price Rally
Crytoquant’s market analyst MAC_D stated in a note that Bitcoin’s recovery faced several roadblocks. MAC_D highlighted the decline in US BTC holdings and decrease in stablecoin supply.
March Recovery Hopes Dashed?
Traders are hopeful that Bitcoin will repeat its March recovery, though current price structure does not support this hypothesis. PostyXBT noted that it might fail to do so.