Research: Bitcoin has a chance to fall to $ 24,000

Researchers at the Glassnode analytical platform have published a new weekly report. According to the report, bitcoin may soon face a significant correction.

The price of bitcoin hit an intraday and weekly low of $ 27,722 during the morning Asian trading session on April 2. At the time of writing, the digital asset is trading at $ 28,496.

If the correction continues, the next support level will be at $ 27,400. The dynamics of BTC may be affected by the outcome of the US Federal Reserve meeting, which will discuss the trajectory of the key interest rate, and statements by Fed Chairman Jerome Powell.

As for the future price, according to Glassnode analysts, we should prepare for a drop to $ 24,400 to $ 24,000. «Selling pressure from short-term investors has become a key driving force that has set resistance at $ 30,000. If the current correction resumes, the average purchase price of $ 24,400 may well become the psychological level worth monitoring in the coming weeks,» Glassnode concluded.

Despite the price pullback, the first cryptocurrency has risen by almost 70% over the past year after falling by more than 60% at the end of 2022. In April, for the first time in two years, bitcoin demonstrated the longest streak of monthly growth.