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BTCUSD Struggles to Rise Beyond $28,000
Bitcoin (BTCUSD) is struggling against a formidable challenge in surmounting the $28,000 resistance threshold. Bitcoin has recently achieved a degree of liberation by breaching the longstanding descending trendline that had constrained it for an extended period. It aims to navigate multiple resistance levels to reclaim its previous pinnacle.
BTC/USD Key Levels
Supply Levels: $30,000, $28,000
Demand Levels: $26,300, $25,800
The initial significant hurdle lies at $28,000, where the price has encountered resistance and is presently trading below this level. While bullish momentum persists, any significant delays could potentially tip the scales in favor of Bitcoin sellers, leading to a retreat in price back toward $26,300. It’s therefore important to monitor the market for any developments that could impact the price of the BTCUSD.
The price of Bitcoin is trading above the 25-period Moving Average (MA) after a rebound from a confluence point at $26,300. This rebound has allowed for a breakthrough of the descending trendline, which could indicate a potential shift in the market. Additionally, the zigzag pattern displayed by the Relative Strength Index (RSI) line suggests that the current sentiment in the market is bullish.
BTC/USD Market Expectations
On the 4-hour chart, the candlesticks have slightly dipped below the 25-period MA, hinting at potential weakening by the bulls. This is further corroborated by the RSI line, which has declined to the 50 mark on its chart. The market now finds itself in a precarious balance following the rejection at $28,000, leaving the possibility of a price retracement to $26,300 hanging in the balance.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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