Bitcoin price analysis is currently centered around the critical $28,000 level, with a focus on both long and short-term perspectives. This heightened attention to Bitcoin comes in response to increased market activity, driven largely by optimistic market sentiment regarding the potential approval of a spot Bitcoin Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC).
According to Coingabbar Price Analysis, Bitcoin initiated an upward correction from the $26,500 support zone, currently encountering strong resistance around the $28,000 mark. BTC found support from its 50-day moving average, forming a potential rounding bottom reversal with a neckline near $28,000. However, it's also facing resistance at the 200-day EMA. If buyers can surpass the $28,000 level, there's a good chance for an uptrend towards $30,000. On the contrary, if they fail to breach $28,000 and the 200-day EMA, a retest of $26,500 and the 50-day EMA may be in store.
KEY LEVELS :
RESISTANCE LEVEL : $28,000-$28,400
SUPPORT LEVEL : $27,500-$27,100
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.
