Bitcoin’s recent rise above the resistance level of August 2022 has increased the likelihood of a continuation rally with $28,000 in sight.
Bitcoin surpasses major resistance and now targets $28K
Bitcoin’s upward momentum shows no signs of slowing down as the top cryptocurrency surged past a key resistance level on Friday during Asian trading hours. The technical hurdle above $28,000 has been cleared after the August 2022 resistance level was broken. This also saw some gains.
Markus Thielen is Head of Research and Strategy for Matrixport, a crypto-financial services company. CoinDesk:
“Bitcoin has now the chance to climb to the next technical level, which is at $28,000.”
He also noted that within larger price swings, bitcoin has rallied, reacted, and retested from $4,000 point increments – $16k, $20k, and $24k – from which the current breakout is now targeting $28k.
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The price of Bitcoin rose to a 39-week high. It has risen from $19,000 to $26,000 while analysts see the devaluation of leverage. With the total value of all cryptocurrency now at $1.14 Trillion, analysts believe that Bitcoin will remain bullish.
In addition to technical indicators, Bitcoin’s movement also seems to correlate with rate-sensitive technology stocks. Wall Street’s tech-heavy Nasdaq index rose 2.6% on March 16, confirming a bullish pattern on the daily chart.
The latest surge in Bitcoin’s price will likely reignite debate over the cryptocurrency’s volatility and prospects. However, with a major resistance level now cleared, Bitcoin’s upward trajectory appears to be at least solidified into the weekend.
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Bitcoin is currently ranked #1 in market capital and the BTC prices are Up 10.09% In the past 24 hours. BTC is valued at approximately $2.5 billion $531.19 trillion With a 24 hour trading volume of $51.72 Billions. Learn more ›
The global cryptocurrency market was valued at approximately $2.5 billion at the time of publication. $1.17 trillion A 24-hour volume $86.13 Billion. Bitcoin dominance is currently at 45.46%. Learn more ›