The journey Bitcoin has taken to reach the milestone price of $28000 can be described as a thrilling roller coaster ride. The rise in its market dominance is parallel to the significant increase in the value of Bitcoin
The journey Bitcoin has taken to reach the milestone price of $28000 can be described as a thrilling roller coaster ride. The rise in its market dominance is parallel to the significant increase in the value of Bitcoin. As Bitcoin reaches this critical price point, it not only reignited investor interest but also sparked debate about the next potential price milestone for Bitcoin. The ability of Cryptocurrency to break through multiple resistance levels has prompted investors to establish long positions when speculating on the next upward trajectory of Bitcoin.
The rapid rise of Bitcoin has set a new milestone
Bitcoin's dominance in the Cryptocurrency market is rapidly approaching an important milestone, which indicates that market sentiment may turn to pioneer digital currencies.
This indicator juxtaposes the market value of Bitcoin with the total value of all encryption, and has rebounded to over 50% and is expected to reach a higher level.
According to data from blockchain analysis company Santiment, whales have invested approximately $3.5 billion in digital assets since early June, indicating a significant increase in their holdings in the rebound of BTC's recovery.
On chain data from Glassnode indicates that Bitcoin's realized gains and losses have declined, reflecting its volatile price trend in 2023 and struggling around the $26000 mark. This decline is similar to the level in October 2020, indicating a bullish outlook as reduced selling pressure and reduced market supply may lead to price rebound and demand growth.
The last decline in 2020 triggered a bull market, with the value of Bitcoin soaring from $11000 to over $30000 within a few months. If history repeats itself, assuming a sustained bullish trend, Bitcoin may reach over $40000 within a month.
What is the next high point after $28000?
In the past few weeks, Bitcoin has been undergoing corrections in the downlink channel mode. The 20-day moving average of $26788 has stabilized, and the RSI has reached the overbought zone, indicating that selling pressure may decline. Buyers may try to push prices to the next resistance line, which is the key point for maintaining bearish positions, as a breakthrough may trigger new upward trends.
As of the writing of this article, the price of Bitcoin is $27900, which has surged by over 3.6% in the past 24 hours. If Bitcoin now witnesses further buying pressure and breaks through $28377, it may soar and reach the final resistance level of $29887, and sellers will attempt to defend this level.
On the other hand, if the price faces turbulence around $28000 and is subject to selling, it means that bears will continue to sell during the rebound period. Therefore, the price of Bitcoin may return to the strong support range between $25650 and $24800.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
