Bitcoin surrenders to bears as prices sink below $26.8K
highlighted that the downturn in prices was a response to the network overheating. Can the buyers exert a reversal, and where could it occur on the charts?The rally in March meant Bitcoin had a bullish market structure until the latter half of April. On 21 April, BTC fell below $27.7k, flipping the market structure to bearish. It has remained that way in the past month.
To the south, a bullish breaker block on the 1-day timeframe sat in the $24k-$25k region. It was formerly a bearish order block that was breached during the March rally. This region has confluence with the $25.2k and $24.3k levels, marking it as a significant support zone.
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