Bitcoin has been on a downward trend for the fourth consecutive day. Its value has been consistently bearish, and it is currently trading below the crucial support level of $28,000.
#bitcoin price is currently exhibiting consolidation below the key resistance level of $28,200 after facing losses. Unless there is a decisive breakthrough above the resistance level of $28,500, Bitcoin could potentially initiate another downward move. Bitcoin has been consistently trading in a bearish zone below the critical support zone of $28,200. It recently tested the support level at $27,200 and is presently consolidating above the $27,400 level.
#Bitcoin price has formed a local low around $27,262 and is currently displaying gradual upward movement. The price is consolidating near the 23.6% Fibonacci retracement level of the swing move from the high of $29,138 to the low of $27,262. However, it is important to note that Bitcoin is still trading below the resistance level of $28,200 and the 100-hourly Simple Moving Average (SMA).
#BTC is encountering significant resistance around the $28,000 range. The subsequent notable resistance is expected near the $28,300 level, specifically at the symmetric triangle resistance. The primary resistance is taking shape around the $28,500 level, coinciding with the 100-hourly Simple Moving Average. If the price manages to surpass the $28,500 resistance and close above it, it has the potential to initiate a considerable upward movement. The next important resistance to watch for is approximately $29,100, and a successful breakthrough could propel the price towards the $29,500 resistance level. Further gains could then pave the way for a substantial upward momentum, targeting the $30,000 resistance level.
If Bitcoin's price is unable to surpass the resistance at $28,200, there is a possibility of further downward movement. The immediate support on the downside can be found around the $27,250 level. Subsequently, a significant support zone lies near $27,000, and if breached, it could lead to an acceleration of losses, potentially driving the price towards the $26,000 support zone. Additional downward movement may bring Bitcoin closer to the $25,500 level in the near future.
The market capitalization of BTC is $536,240,551,426. The coin's 24-hour trading volume is around $13,942,287,378.
KEY LEVELS :
RESISTANCE LEVEL : $28,000-$28,400
SUPPORT LEVEL : $27,250-$26,600
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
