The crypto market was hit hard all through the weekend as we saw a massive sell-off play out across the board. The crypto giant BTC also got affected and is down more than -5% today alone!
However, we believe this BTC sell-off might be coming to an end soon! And in this Bitcoin analysis, we will be talking about the major key level the BTC price is about to test in the coming days and what it could mean for the bulls if this $26,697 support holds!
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Bitcoin $26,697 Key Support!
The key level we are watching right now is the $26,697 key support in the 4-hour timeframe.
This support is very important because the last time the BTC price got to this level, we saw a massive rejection and price bounce. The question now is “will this bullish rejection occur again at this $26,697 support in the coming days or will BTC breakthrough?”
Bitcoin Bullish Scenario!
For the Bitcoin bullish price scenario, we want to see this $26,697 level hold. If the BTC bulls can hold on to this key support and push prices higher, we might begin to see a Double Bottom Bullish Reversal play out in the 4-hour timeframe.
This bullish reversal is a great way to indicate the end of the price sell-off for now. But for it to be valid, the Bitcoin bulls must hold the $26,697 key support level in the 4-hour timeframe!
What Happens If Price Breaks Through $26,697
If the price breaks through this $26,697 key support in the 4-hour timeframe, it could get really bad for Bitcoin fast!
This $26,697 is the last major support for Bitcoin on the higher timeframe. A price break below this key level could see us crashing down to $19k or even less in the coming days.
And this reason is why the Bitcoin $26,697 key support is very important to the Bitcoin bulls right now! The question now is can they defend it?
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