Key Points:
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.
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.
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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