Breaking Resistance: Bitcoin’s Potential To Reach $32,000

March 30, 2023 - Around 2 mins mins to read

Key Points:

According to RSI levels, BTC is trading within a narrow range of $27K-$28.6K with weak buying pressure.
Analysts note that $27K is a bearish trigger, while $28.8K is bullish.
BTC may move towards $29K-$32K range if it breaks $28.6K resistance or towards $26K support if it breaks $27K.

Bitcoin (BTC) has been trading within a narrow range, with support around $27,000 and resistance around $28,600. The market sentiment is neutral to bearish, while Relative Strength Indicator (RSI) levels indicate weak buying pressure.

The simple moving averages of 200 days and 200 weeks act as strong support levels for BTC. The monthly RSI is trending upwards, indicating a potential long-term rise. However, current market conditions suggest that Bitcoin may experience a bearish correction before any major rise.

Breaking Resistance: Bitcoin's Potential To Reach $32,000

Analyst Rekt Capital notes that BTC could drop to the ~$27K support and daily closes above it, thereby fading a potential breakdown scenario. Losing $27,000 is a key bearish trigger, while breaking the ~$28,800 higher high is bullish. Until either of those levels is broken, BTC will likely move sideways.

He predicts a positive future for cryptocurrency. According to the analysis, this Saturday marks a significant milestone for Bitcoin as the BTC Monthly Candle will close above the Macro Downtrend, confirming a new bull market. This news is likely to attract more potential investors, who may now consider buying Bitcoin as a viable investment option.

Besides, Santiment also reported that Bitcoin has surged past the $28,000 level amid collective gains in the wider cryptocurrency market, which has approached the $1.2 trillion mark in terms of market capitalization. Over the last 24 hours, Bitcoin has risen by about 5.6% to nearly $28,350.

???? #Bitcoin is currently trading in a particularly narrow range after going through several stages of volatility bursts throughout Q1 of 2023. As we head into Q2, our community insight explores support and resistance levels, the monthly RSI, and more. https://t.co/c6UlGVYKnh pic.twitter.com/i88saUcXxO
— Santiment (@santimentfeed) March 29, 2023

If BTC manages to break through the resistance level of $28,600, it could move towards the range of $29,000 to $32,000. If it breaks below the support level of $27,000, it could drop towards $26,000 or even lower.

At the time of writing, BTC is trading at $28,619 after surpassing $29,000.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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