Will the Bitcoin Price Reach $1,000,000 and DeeLance Hit $1 Million by June As Analysts Predict? Find Out Here
Markets are facing uncertainty, with Bitcoin (BTC) entering a 10th day of retracement consolidation after sustained pressure at $31,100 finally broke to the downside.
Currently trading at $27,645 (representing a 24 hour change of +0.19%), Bitcoin is facing an important test of support at the ironclad $27,500 price level.
Recent price action has seen Bitcoin sink below vital support from the 20 Day MA, which suggests the retracement could push deeper to test the lower supporting trend.
Despite the perilous technical structure, Bitcoin's RSI has cooled down to oversold for a number of days - currently standing at 44 - this could indicate capacity growing for another uptick.
The MACD is far more bearish, at a shocking -407 as price action falls away from the 20 Day MA.
With a continuation of attempting consolidation here almost certainly on the cards barring a change in fundamentals, Bitcoin's upside potential sits at $29,000 (+5.23%) which would see BTC reclaim posture above the 20 Day MA.
On the downside, Bitcoin risks falling further with $24,500 (-11.10%) forming a possible lower support level.
This leaves Bitcoin (BTC) with a Risk: Reward ratio of 0.47, a bad long entry characterised by almost double the risk to reward.
With Bitcoin markets in such perilous position, many are seeking to rotate recently secured gains into promising early-stage projects with immense growth potential in 2023.
One of the most promising presales of April 2023, making waves in insider circles, is DeeLance ($DLANCE) - a decentralised gig economy ecosystem ready for Web3.
Prepare to be amazed as DeeLance (DLANCE) ingeniously blends the metaverse with non-fungible tokens (NFTs) to create a ground-breaking platform that revolutionizes the way businesses
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