Bitcoin retraces. Is $26500 next?

BTCUSDT

Today, the crypto market is experiencing a downturn, with Ethereum's post-Shapella rally being pared down and the total cryptocurrency market capitalization losing nearly 4% in 24 hours. The downturn comes as regulatory uncertainty and weakening macroeconomic conditions cast doubt on the cryptocurrency market's bullish outlook.

Bitcoin, in particular, has hit a 7-day low of 29,158 after failing to maintain the key 30,000 level, causing concern among traders who fear a revisit to bear market lows. Despite ETH staking deposits surpassing withdrawals the day before, Ether also breached the 2,100 level post-Shapella upgrade and hit an 11-month high before dropping to a 7-day low of 1,972 on April 19.

While Bitcoin and select altcoins turned down sharply on the same day, there is a minor positive in that the bulls are trying to defend their respective support levels. The current volatile moves in Bitcoin suggest that buyers and sellers are vying for supremacy, and the BTC/USDT pair is currently facing a keen battle between the bulls and the bears at the 20-day exponential moving average (29,092).

If the price dips below the 20 day EMA, Bitcoin could fall to support levels of 27,800 and then 26,500. Let's hope for the best.

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