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Last Friday, Bitcoin (BTC) was trading above $28,000. Many experts considered this mark as a zone of strong support for the cryptocurrency.
However, on Saturday, BTC collapsed to $27,227, and the risks of a rollback below $27,000 increased.
On the night of Monday, April 24, the BTC rate rose to $27,517. In weekly terms, the loss of the leading digital currency amounted to about 10%.
The Relative Strength Index (RSI) was in the overbought zone on April 21st. Bitcoin was never able to reach $30,000 and began to fall in price under pressure from sellers.
A similar situation was observed in August 2020. Then BTC fell from $12,000 to $9,500. The ascent resumed in October after a month-long consolidation.
The area of strong support is around $25,000.
In the event of another burst of bearish activity, BTC may not be able to stay in the range from $26,000 to $27,000 and fall below these values.
It may take about a month for the bullish trend to return, after which BTC should return to $28,800.
However, it is unlikely that he will be able to break the resistance at $29,500, as the pressure will intensify again if the cryptocurrency approaches this milestone, experts predict.