{"id":453733,"date":"2022-05-27T17:54:42","date_gmt":"2022-05-27T14:54:42","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-approaches-key-support-levels-to-avoid-cascade-south\/"},"modified":"2022-05-27T17:54:42","modified_gmt":"2022-05-27T14:54:42","slug":"bitcoin-price-approaches-key-support-levels-to-avoid-cascade-south","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-approaches-key-support-levels-to-avoid-cascade-south\/","title":{"rendered":"# Bitcoin price approaches key support levels to avoid &#8216;cascade south&#8217;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26e490bec64\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26e490bec64\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-approaches-key-support-levels-to-avoid-cascade-south\/#%E2%80%9D_Bitcoin_price_approaches_key_support_levels_to_avoid_%E2%80%98cascade_south_%E2%80%9C\" >&#8221; Bitcoin price approaches key support levels to avoid &#8216;cascade south&#8217;  &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-approaches-key-support-levels-to-avoid-cascade-south\/#Trader_demands_higher_low_above_28000\" >Trader demands higher low above $28,000<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-approaches-key-support-levels-to-avoid-cascade-south\/#In-profit_supply_favors_bears\" >In-profit supply favors bears<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_price_approaches_key_support_levels_to_avoid_%E2%80%98cascade_south_%E2%80%9C\"><\/span>&#8221; Bitcoin price approaches key support levels to avoid &#8216;cascade south&#8217;  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Bitcoin (BTC) clung to $29,000 at the May 27 Wall Street open as crucial support levels lay just hundreds of dollars from spot price.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/384c37f0-4798-41d5-b5b1-76d4f7f7f056.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Trader_demands_higher_low_above_28000\"><\/span>Trader demands higher low above $28,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a>\u00a0confirmed volatility once again waning in a frustrating week&#8217;s price action.<\/p>\n<p>BTC\/USD found itself in a tight corridor on the day, and for Cointelegraph contributor Micha\u00ebl van de Poppe, it would not take much deviation to disrupt the status quo.<\/p>\n<p>&#8220;Technically speaking, when it comes to Bitcoin, you clearly want to see a higher low h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ening here, and if that we happens, we can start seeing continuation,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Kay4q_kl-kQ\">said<\/a> in his latest <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">YouTube<\/a> update.<\/p>\n<p>Levels to hold now were nearby \u2014 $28,600 and $28,200 to avoid a rematch of the week&#8217;s $28,000 low and risk giving up the chance of a higher low construction.<\/p>\n<p>&#8220;If that is lost, then I&#8217;m going to expect ourselves to get towards $26,000 as then we&#8217;re going to start cascading south even more,&#8221; he concluded.<\/p>\n<p>Equally wary was commentator Bob Loukas, who eyed the Bollinger Bands volatility indicator on the day to warn of potential incoming upset.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> &#8211; Weak and not a good look there, no urgency, with that primary trend lower.  <\/p>\n<p>Should have seen at least a rally early in the cycle, coming of some capitulation.   Stay safe. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/fYfZka2R1C\">pic.twitter.com\/fYfZka2R1C<\/a><\/p>\n<p>\u2014 Bob Loukas (@BobLoukas) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BobLoukas\/status\/1530175777337184256?ref_src=twsrc%5Etfw\">May 27, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Across social media, the sense that a capitulatory move was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/IT_Tech_PL\/status\/1530115974023856129\">coming<\/a> for crypto prevailed, this having characterized sentiment throughout recent weeks.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"In-profit_supply_favors_bears\"><\/span>In-profit supply favors bears<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Meanwhile, looking at the network as a whole fueled concerns that current prices could not endure.<\/p>\n<p><strong><em>Related:\u00a0Small Bitcoin whales may be keeping BTC price from &#8216;capitulation&#8217; \u2014 analysis<\/em><\/strong><\/p>\n<p>Analyzing the percentage of the supply in profit, Kripto Mevsimi, a contributing analyst at on-chain analytics platform CryptoQuant, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/quicktake\/6290907ea7016d05bf872e40\">drew<\/a> bearish conclusions.<\/p>\n<p>Currently, around 55% of the supply was in profit, he explained, and compared to historical behavior, more price capitulation should enter to provide some guarantee of a macro bottom.<\/p>\n<p>First, however, there should be a sideways period for BTC\/USD that precedes the final dip. This would make current price performance chime with the 2018 bear market and the March 2020 crash.<\/p>\n<p>&#8220;Next; 2\u20133 months of boring price action. Then last capitulation possible with 30%\u201350% additional price drop,&#8221; he summarized.<\/p>\n<p>An accompanying chart compared the three phases beginning with the 2017 high of $20,000.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/7dac156b-1288-4ed3-bdcb-e57ed219c323.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin supply in profit vs. BTC\/USD annotated chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-approaches-key-support-levels-to-avoid-cascade-south\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin price approaches key support levels to avoid &#8216;cascade south&#8217; &#8220; Bitcoin (BTC) clung to $29,000 at the May 27 Wall Street open as crucial support levels lay just hundreds of dollars from spot price. BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView Trader demands higher low above $28,000 Data from Cointelegraph Markets Pro and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":453734,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvZDI1N2EzNDUtMzQwMS00YzJlLWI1N2UtNWFkNjU1OTc1NjYxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-453733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/453733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=453733"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/453733\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/453734"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=453733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=453733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=453733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}