Bitcoin price experienced a remarkable surge on Monday, surpassing several key resistance levels. Nevertheless, the primary hurdle, the $30,000 level, remains unbroken. Bitcoin has displayed its resilience by finding support around the $28,300 mark, and it's worth noting that it has managed to sustain a trading price above $28,000 for two consecutive days. On Tuesday, Bitcoin continued to hover near a two-month high, with the market taking into consideration the most recent retail sales data from the United States.
According to Coingabbar Price Analysis, BTC broke a descending resistance trendline that had held since the yearly high in July. Supported by the 50-day moving average at approximately $26,800, it surged past the $28,000 resistance level and the 200-day moving average near $28,100. However, yesterday's daily candle, although closing above these levels, still had a significant upper wick. To instill optimism in investors regarding breaking the $30,000 resistance, Daily candle needs to stay above the 200-day moving average; otherwise, it might turn out to be a bull trap, leading to a potential price decline.
KEY LEVELS :
RESISTANCE LEVEL : $29,000-$29,600
SUPPORT LEVEL : $28,200-$27,600
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.
