• Bitcoin (BTC) has recently fallen below the critical support level of $27,000 • Uncertainties surrounding the US debt ceiling and possibility of a recession have weakened crypto market sentiment • Investors are eyeing potential opportunities to buy the dip if BTC falls to $25,000.
Demand at Lower Prices
Aggregated order books on exchanges show that investors have placed limit orders to purchase 8,900 BTC at the price level of $25,000. This demand is significantly outweighing sell orders, suggesting that prices could experience a rapid rise when market sentiment improves.
Initial Resistance Level
For the bullish scenario to materialize, Bitcoin needs to overcome initial resistance at $27,500. However, 1.6 million investors who bought 686,000 BTC at an average price of $27,500 might impede this momentum with their sell orders.
Potential Drop Below $25k
A surprising drop below $25,000 could nullify the optimistic outlook and invalidate the bullish Bitcoin price prediction. In such situation, prices may further drop towards $23,500-$24,000.
Best Cryptos To Buy Now
With these recent developments in mind, AI tokens BGB tokens SPONGE tokens XLM tokens YPRED tokens ATOM tokens and DLANCE are some of the best cryptos to buy now based on their long-term prospects for growth potential and liquidity.