Bitcoin price approaches key support levels to avoid 'cascade south'

cointelegraph.com:

Bitcoin (BTC) clung to $29,000 at the May 27 Wall Street open as crucial support levels lay just hundreds of dollars from spot price.

Data from Cointelegraph Markets Pro and TradingView confirmed volatility once again waning in a frustrating week's price action.

BTC/USD found itself in a tight corridor on the day, and for Cointelegraph contributor Michaël van de Poppe, it would not take much deviation to disrupt the status quo.

"Technically speaking, when it comes to Bitcoin, you clearly want to see a higher low happening here, and if that we happens, we can start seeing continuation," he said in his latest YouTube update.

Levels to hold now were nearby — $28,600 and $28,200 in order to avoid a rematch of the week's $28,000 low and risk giving up the chance of a higher low construction.

"If that is lost, then I'm going to expect ourselves to get towards $26,000 as then we're going to start cascading south even more," he concluded.

Equally wary was commentator Bob Loukas, who eyed the Bollinger Bands volatility indicator on the day to warn of potential incoming upset.

$BTC - Weak and not a good look there, no urgency, with that primary trend lower. Should have seen at least a rally early in the cycle, coming of some capitulation. Stay safe. pic.twitter.com/fYfZka2R1C

Across social media, the sense that a capitulatory move was coming for crypto prevailed, this having characterized sentiment throughout recent weeks.

Meanwhile, looking at the network as a whole fueled concerns that current prices could not endure.

Related: Small Bitcoin whales may be keeping BTC price from 'capitulation' — analysis

Analyzing the percentage of the supply in profit, Kripto Mevsimi, a contributing analyst at on-chain analytics platform CryptoQuant, drew