• Bitcoin (BTC) hit new intraday lows on April 21 as traders warned that $25,000 might come next.
• Data from Cointelegraph Markets Pro and TradingView showed BTC/USD struggling to preserve $28,000 as support on Bitstamp.
• A return to $25,000 was described as “absolutely fine” and still an example of “a little bit of a deeper pullback” rather than a significant trend change.
Bitcoin Price Fills CME Futures Gap
The Bitcoin (BTC) price risks more downside on April 21, with the key level of $28,000 needed to hold in order to avoid a return to the mid-$20,000s. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD struggling to preserve $28,000 as support on Bitstamp. Meanwhile, overnight events have failed to resurrect signs of its previous uptrend.
Analysts Warn Of Potential Return To Mid-$20Ks
Traders are warning that if this key level is lost then a return to the mid-$20,000s could be imminent. Analyst Michaël van de Poppe voiced concerns over the current state of affairs tweeting: “If not, and no break of $28,800 then I suspect we’ll see $26,200.” Another analyst Crypto Tony outlined two possible paths for Bitcoin’s near-term outlook noting that if bulls fail to step in then losses down towards the range low at $26600 could occur.
$25K Would Be ‘Absolutely Fine’
Credible Crypto commented alongside a YouTube video saying that a return to $25k would be “absolutely fine” and still an example of “a little bit of a deeper pullback” rather than a significant trend change. The area around $25500 constituted Bitcoin’s 200-week moving average – a support level originally lost in 2022 and only reclaimed in recent weeks.
CME Group Futures Gap Sealed
The return to $28000 meanwhile has “completely” sealed the gap created earlier in CME Group’s Bitcoin futures market. This downward gap was created when prices suddenly crashed overnight from around 30900 down towards 26300 earlier this month resulting in nearly 4000 point difference being filled up by price action today at 28100 levels across major exchanges like Bitstamp.
Long Positions Still Possible
Despite these bearish signals there is still hope for long positions according Crypto Tony who noted: “Approaching high volume node + EQ od his range…I am looking to play along scalp here once I see the bulls stepping in.” Ultimately while more downside risks remain bullish scenarios cannot be completely ruled out just yet with traders continuing monitor closely how markets respond around key levels such as 28k going forward into Thursday trading sessions