Bitcoin Price Breaks Resistance and Rallies
The price of Bitcoin (BTC) has broken through its resistance and is on the rise again, according to cryptocurrency price analysis.
Bitcoin Price Long-Term Forecast: Bearish
Bitcoin has been trading between moving average lines since October 11. However, today it rallied after breaking above the 21-day simple moving average line. At press time, the bullish momentum had pushed the price up to $27,931. The next target for buyers is the former barrier of $28,350, which Bitcoin failed to break twice earlier this month.
Approaching Resistance with Potential Breakout
This is the third time Bitcoin is approaching the $28,350 resistance level. If buyers succeed in breaking through, the cryptocurrency could reach $30,000. However, if they fail, Bitcoin’s price will likely move within a range between $26,850 and $28,350.
Bitcoin Indicator Display
The BTC price resumed its uptrend after breaking above the 21-day line SMA. As long as this moving average line remains intact, the bullish momentum will continue to drive Bitcoin’s price higher. The overbought area of the market currently acts as a barrier to further uptrend.
Technical Indicators
Key resistance levels for Bitcoin are $30,000 and $35,000, while key support levels are $20,000 and $15,000.
What’s Next for BTC/USD?
Bitcoin has reached the previous resistance level of $28,350. Buyers have been attempting to overcome this level since October 2 without success. Currently approaching a high of $27,950, if Bitcoin is rejected at this level, it will likely continue to fall and trade within a range.
According to cryptocurrency analytics specialists, buyers were unable to sustain the bullish momentum above the recent high of $28,400, resulting in a rejection and subsequent drop in price.
Hot Take: Bitcoin Breaks Resistance and Targets $30,000
The price of Bitcoin has broken through its resistance level and is rallying towards $30,000. Despite previous failed attempts to break above $28,350, buyers are once again approaching this barrier with potential for a breakout. If successful, Bitcoin’s price could reach new psychological heights. However, if the resistance holds, the cryptocurrency will trade within a range. Technical indicators suggest that as long as the 21-day line SMA remains intact, the bullish momentum will continue to drive Bitcoin’s price higher.
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