Bitcoin (BTC), which has not yet decisively surpassed $31,000 and has not stayed below $30,000, continues its accumulation phase.
BTC has been trading within a specific price range for a whole week without deciding on its direction. Although the $31,000 level has been surpassed twice, the price has fallen below this value again. At the same time, the $30,000 level has been neglected several times in a downward direction. However, investors have managed to push the price above this level each time. BTC, which has been in the accumulation process for seven days, may receive different reactions depending on which direction it takes.
Which Price Levels Should Be Considered in the Price Structure?
As the pioneer of cryptocurrencies, BTC has been fluctuating within a price range of approximately $1,000 and has tested the $31,000 level four times but has not been able to hold above it. If BTC can achieve a daily close above $31,000, it may move towards $32,400.
In another scenario, if buyers fail to push the price higher and lose their strength at $30,000, we may observe downward movements towards support levels at $29,946, $29,250, $28,184, and $27,445 respectively. If $27,445 fails to act as support, it could bring the price down to $26,818, $26,233, and $25,257. It is crucial for the market's bullish sentiment to continue that the support at $25,250 remains intact.
This article is not investment advice. Anyone considering investing should do their own research and take their own risks.
#crypto2023 #bitcoin #ParrotBambooCrypto