Charts suggest a Bitcoin price retest of the $25,000 support in the short term. Does this present a buying opportunity in altcoins?
) has slipped back below the $27,000 support on May 17, indicating that buyers are struggling to sustain the relief rallies.
Institutional investors seem to be booking profits due to the macro uncertainty. CoinShares’ Digital Asset Fund Flows Report shows aDaily cryptocurrency market performance. Source:While the short-term picture remains negative, the chart structure on Bitcoin has not been broken.
Instead, if the price rebounds off $25,250, it will suggest that bulls are trying to defend the neckline of the inverse head and shoulders pattern. Starting a new rally is a tough task for the bulls because the recovery is likely to face selling at the moving averages and again at the resistance line.
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