Bitcoin intentionally broke the $27500 mark on Tuesday. Since then, it has been organizing horizontally and moving within narrow channels
Bitcoin intentionally broke the $27500 mark on Tuesday. Since then, it has been organizing horizontally and moving within narrow channels.
The latest resistance level, the 50 day moving average, is at $27200. Meanwhile, the strongest support level is at the 200 day moving average, which is $25200.
To launch a fully formed bull market in the market, Bitcoin must maintain this support level. If BTC bulls expect to try again to break through the $30000 mark and fully push the market, then the $25200 support level is crucial, and it needs to be held to achieve this goal.
XRP and LTC are poised to launch, with Bitcoin looking at $28000
According to Michael Vande Poppe, an analyst of Cryptocurrency, the short time frame of Bitcoin is very simple. He believes that BTC needs to break through the $26800 mark in order to continue its upward trend. If we break through and flip this level, VandePoppe predicts that $27500 may be the next target, and XRP and LTC may further break through.
VandePoppe's analysis is based on technical indicators and Market trend. He emphasized the importance of the $26800 level as a key resistance level that BTC must overcome to gain momentum. Cryptocurrency has been fluctuating in a narrow range, and a breakthrough may indicate a change in market sentiment.
VandePoppe's forecast is consistent with the overall bullish sentiment in the Cryptocurrency market, and many analysts expect BTC to continue its upward trend. However, there are also concerns about potential price adjustments and fluctuations, which may affect short-term market trends.
BTC is in a stable period, despite downward fluctuations, it still re examines the 200 week moving average
According to Cryptocurrency analyst RektCapital, BTC is currently in a stable period. If this stability continues, BTC may return to the level of $27600 and potentially break through. However, BTC is still retesting the 200 week moving average, despite downward fluctuations this week.
In addition, BTC's current trading price is below a series of lower highs, represented by the blue line in the chart. In order to rise, BTC needs to invalidate this series of low points.
On the other hand, as shown by the orange line in the figure, the 200 week moving average serves as a support. These factors together create a structure similar to a triangular flag, which typically indicates price compression and is accompanied by a period of fluctuations.
RektCapital's analysis indicates that BTC is at a critical moment, and the likelihood of breaking or collapsing depends on how it interacts with the 200 week moving average and a series of lower highs.
Despite the potential risks, many investors are still optimistic about BTC and other Cryptocurrency, and the overall market continues to show strength and resilience. With the continuous growth of institutions' adoption of Cryptocurrency, the demand for BTC and other digital assets is expected to increase, which may push up prices in the long run.
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