Bitcoin Bulls Brace as BTC Price Hovers at $29,500 - $28,300 Key Support Level in Focus
#Bitcoin's price is currently facing #resistance around $29,500, and analysts warn of a possible retracement deeper, potentially towards $28,300 or even $25,000.
The 50-day and 100-day moving averages at $29,450 and $28,460 are significant trend lines. The market needs to print candles above the 100-Week MA for a potential bull market breakout, but it hasn't happened yet.
The situation is being closely monitored, and the order and timeline of potential moves are uncertain. Some analysts compare Bitcoin's current behavior to early 2021 before its previous #all-time highs.
