Bitcoin Drops Again: $27K at Risk (BTC Price Analysis)

• Bitcoin’s price has dropped significantly in the past week and may still fall further.
• Technical analysis suggests that there is potential for a bullish pullback to the 50-day moving average as well as a test of $25K static support level.
• Onchain analysis shows that the Bitcoin network has reached an all-time high in activity with a record of 682,000 daily transactions.

Bitcoin Price Analysis

Bitcoin’s price has been dropping continuously over the last week, and there may still be more. However, the bearish momentum is much lower than expected, and multiple support levels are available for the market to rely on.

Technical Analysis

Looking at the daily timeframe, the price has been declining since getting rejected from the $30K resistance level in April, and it has also broken below the 50-day moving average, located around the $29K mark. Judging by the recent candlestick shapes, a bullish pullback to the broken moving average could be likely. Yet, the price could still push lower toward the $25K static support level before returning higher.

The 4-hour chart shows that BTC has broken below the $27,500 minor support level and is likely to test the $25K zone in