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Technical Analysis for BTCUSD for 25th April 2023

Bitcoin Consolidates, BTC Finds Support at $27k

Past Performance of BTC

There is no reprieve for Bitcoin bulls, looking at the arrangement in the daily chart. BTC edged lower yesterday and could likely dip in the sessions ahead unless there is a sharp recovery above $28.3k, clearing the highs of April 21. Meanwhile, traders are bullish because sellers didn't push prices lower below the $27k support level yesterday. Since the immediate trend is dictated by the bear bar of April 19, the failure of sellers to follow through on April 24 is welcomed, at least for now. Traders should closely monitor how price action prints out within the above-defined ranges in the sessions ahead.

Bitcoin Technical Analysis

The April 19 bar dictates the current formation. Follow-throughs in subsequent sessions capped with the bear bar of April 21 that shapes the immediate state of price action. Notice that prices are in range, inside the bear bar of April 21, with caps at $28.3k and $27k. Although bulls might be in the driving seat from the top-down preview, sellers are in control now. Still, participation levels are low. Therefore, if BTC crumbles below $27k, confirming losses of April 27, ideally with above-average volumes, the coin might drop to the $25k region in a retest.

What to Expect from BTC

Buyers will have a chance if prices continue consolidating. A recovery above $28k will be welcomed. For now, BTC is in a precarious position. Losses below last week's low may trigger another wave of solid sell-offs.

Resistance level to watch: $28.3k

Support level to watch: $27k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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