Bitcoin price forecast: BTC price to consolidate around $27,600
Bitcoin price forecast: BTC price to consolidate around $27,600
On Monday, the price of Bitcoin showed a strong upward movement and managed to test resistance at $28,500, but failed to consolidate its success and collapsed below $28,000 by the end of the session. On Tuesday, the first cryptocurrency continued its decline and fell below $27,500.
Bitcoin's price collapse came amid rising U.S. 10-year bond yields, which hit a record high in more than 16 years. In addition, widely anticipated futures exchange-traded funds (ETFs) on Ether failed to interest investors, showing low trading volumes on their first day of activity.
BTC is currently trading at $27,587.85, consolidating around $27,600.
It's worth noting that these Bitcoin developments come at a time when the crypto industry is entering one of the historically strongest months for digital assets - October.
Since 2009, 9 out of 13 Octobers have seen significant Bitcoin growth, and some experts suggest that this month will be no exception.
However, a number of analysts point out that in years when the price of Bitcoin has halved, BTC has seen 5-6 months of year-over-year declines. In the current year, however, it has only experienced 3 months in negative territory. This means that BTC could see a decline in the remaining 3 months.
The next resistance for BTC is at the $27,850 level, and the key resistance is around $28,000, which, if breached, would create an upward momentum to test the $28,500 level.
If Bitcoin fails to gain a foothold above $27,850, it could fall to the next support at $27,400, which, if passed, would open the way to $27,250. The next support is at $26,650, a break of which would take BTC below $26,000.
