Bitcoin price prediction: The cryptocurrency intends to break through resistance around $27,500
Bitcoin price prediction: The cryptocurrency intends to break through resistance around $27,500
Bitcoin, the largest cryptocurrency by capitalization, is experiencing a resurgence as recent changes in technical indicators and blockchain fundamentals are instilling new optimism among investors.
The coin is not giving up its attempt to overcome the key resistance level of $27,500, the breach of which will allow BTC to reach $28,200. However, it's worth noting that the resistance around $27,500 is crowded with sell orders, which could halt Bitcoin's upward momentum.
According to an analysis by market analysis firm Material Indicators, over the past eight hours, there has been a significant influx of requested liquidity every time the Bitcoin price approached the $27,500 level. A flurry of sell orders effectively prevented any potential breakout of this key resistance level.
Bitcoin is currently trading above the $26,800 resistance area and is preparing to consolidate above the $27,000 level. The BTC price is now at $27,043, with a wide trading range of $26,657 to $27,494.
At the same time, analysts believe that a close above the $28,000 mark will allow Bitcoin to confidently continue its movement towards $31,000.
In addition, experts believe that all the actions that are happening now with Bitcoin indicate the desire of all market participants to take the price of BTC under control, at least until the results of the interest rate decision are known.
Read more: Ethereum price surged above $1,600.
