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BTCUSD Encounters Strong Rejection at $28,000
BTCUSD encounters a substantial rejection at the $28,000 level, erasing all recent gains and returning to a consolidation phase. The dominant cryptocurrency had previously leveraged its consolidation range between $26,300 and $25,800 to initiate an upward move. However, these efforts have been negated as the price failed to breach the critical $28,000 threshold.
BTCUSD Key Levels
Supply Levels: $30,000.0, $28,000, $26,300
Demand Levels: $25,800 $25,000, $19,500
The crypto is unlikely to immediately make a surge again as it has expended the momentum it gained early on the initial rise. There is even a danger that the BTCUSD market might stoop lower to test the $25,250 demand zone, depending on how well the bulls can hold on.
Nevertheless, it is widely anticipated that another period of price consolidation will follow before the market takes another direction.
In falling back to $25,800, the price has also failed to rise above the MA period 30 (Moving Average, causing it to drop. The RSI (Relative Strength Index) line has also failed to switch to the bullish half of its chart and is on its way toward the oversold border.
Market Expectations
On the 4-hour chart, the price has dipped below the 30-period MA and shifted from overbought conditions toward the oversold region. The market must stabilize following this decline; otherwise, there is a heightened risk of a further descent towards the $25,250 demand zone.
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