The price of bitcoin increased between $26,500 and $27,000. Currently falling lower at $27,000, BTC tested the $28,000 resistance area.
🚨#PanteraCapital suggests that the price of Bitcoin might surge to $148k following its upcoming halving event.
Utilizing the stock-to-flow ratio, a metric assessing the relationship between existing and new supply in the market, the #VC projects a potential increase to $35k… pic.twitter.com/jn3R7enGBt
— Satoshi Talks (@Satoshi_Talks) August 24, 2023
- The $26,500 barrier level was broken by Bitcoin.
- Over $26,500 and the 100-hourly simple moving average, the price is currently trading.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a critical negative trend line with resistance near $26,100 was broken.
- Although the pair is reversing gains, it may come across offers around $27,000 or $26,700.
Bitcoin Price Regains Strength
Following the announcement that Grayscale had defeated the SEC in court, allowing for the creation of ETFs, the price of bitcoin started to rise noticeably. BTC picked up its speed and managed to break through the $26,500 resistance area.
TA: #Bitcoin #Regains #Strength, Why #BTC Could #Retest $28K – https://t.co/cqkO3NJdGD#Bitcoin price started a downside correction from the $28,360 high against the US Dollar. #BTC remained well bid above $26K… pic.twitter.com/M6CnGROaNN
— PumpMoonshot (@PumpMoonshot) December 28, 2020
The price rose steadily and even managed to break through the $27,500 resistance level. The $28,000 resistance zone was tested last. Near $28,150, a high has formed, and the price is currently correcting gains. Below $27,800, there was a slight drop.
If there is a new increase, the $27,650 level will act as immediate resistance. The $28,000 mark represents the first significant resistance. The price might climb toward $28,500 if there is a clear advance above the $28,000 mark. Near $29,200 is the next significant resistance, above which there may be a prolonged climb. The price may test the $30,000 mark in the scenario given. Any additional gains might accelerate a larger surge toward $31,200.
Are Dips Limited In BTC?
Bitcoin may continue to decline if the $28,000 resistance is not overcome. On the downside, there is immediate support close to the $27,000 mark.
5. Are Dips Limited in BTC?
If Bitcoin’s price fails to clear the $29,000 resistance, it could start a downside correction. Immediate support on the downside is near the $28,450 level.— GraceMe (@McfReportCrypto) June 21, 2023
Near the $26,700 level, or the 61.8% Fib retracement level of the upward movement from the $25,927 swing low to the $28,150 high, is where the next significant support is located. A downward break below $26,700 might send the price back into bearish territory. The cost might decrease to around $26,000 in the scenario mentioned.