Bitcoin Price Analysis: BTC bulls must defend support level around $25,000 to reclaim $28,000 soon

Bitcoin (BTC) price remained perilously hovering around $26,000 on Friday ahead of Fed Chair Jerome Powell’s speech at today’s Economic Policy Symposium in Jackson Hole, Wyoming. The event, which will be attended by high-profile figures such as ECB President Christine Lagarde, aims to shed light on the measures taken to combat high fiat inflation. With US dollar inflation hovering around 5.5 percent, crypto traders will be watching the Fed Chair’s speech closely for the next likely inflation outlook.

Bitcoin price analysis

After shedding the key bullish support level around $29.1k last week, bitcoin price is trapped in a fresh bearish outlook. According to a popular digital asset analyst, Crypto Tony, the chances of Bitcoin falling towards $25,000 in the coming weeks are very high.

The analyst informed his supporters that 333k should support level hold around $25,000, analyst expects the bulls to push further towards $28,000.

Bitcoin bears are likely to push lower towards $22,000 at some point due to Elliott Wave principle, according to analyst at Cheeky Crypto.

Analysts at Cheeky Crypto argued that the 200 and the 50 EMA are currently acting as strong resistance levels that significantly reinforce the bearish outlook. Additionally, the death cross on the weekly timeframe is a distinctly bearish outlook since it first appeared in Bitcoin’s history last year.

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