Bitcoin Price Analysis: Rejection at $28,400 Leads to Decline
Cryptocurrency analysts have reported that the price of Bitcoin (BTC) is currently falling after being rejected at the $28,400 high. The largest cryptocurrency experienced two rejections at this level before dropping back down. At the moment, BTC has fallen as low as $26,887 but has stabilized above the significant support level of $26,000.
Bitcoin Long-Term Forecast: Bearish
The downtrend in Bitcoin’s price has been slowed by the 50-day moving average (MA) as it broke below the moving average lines. Currently, BTC is stuck between the moving average lines and will resume its movement once these lines are crossed. The price is rising while holding above the 50-day line SMA but remains below the 21-day line SMA. Once it crosses the 21-day line SMA, upward movement is expected.
Bitcoin Indicator Display
The price of BTC is currently confined between the barrier lines of the 21-day line SMA and the 50-day line SMA. The upward and downward movement of Bitcoin will be determined by these moving average lines. Additionally, the presence of doji candlesticks will also limit price movement.
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 managed to stay above the crucial support level of $26,000 but has been slowed down by resistance at $28,400. Over the past two months, its price has fluctuated between $26,000 and $28,400. Currently, BTC is experiencing a narrow range of movement.
According to cryptocurrency analytics specialists, Bitcoin reached a high of $28,611 on October 2 but got stuck at this level. Buyers were unable to sustain the positive momentum above the $28,600 resistance last week.
Hot Take: Bitcoin Faces Resistance at $28,400
The price of Bitcoin is currently facing resistance at the $28,400 level after being rejected twice. This has led to a decline in its value, with BTC falling as low as $26,887. However, as long as it remains above the significant support level of $26,000, the decline has been moderated. Technical indicators such as moving average lines and doji candlesticks will play a crucial role in determining Bitcoin’s future movement. Key resistance levels are at $30,000 and $35,000, while key support levels are at $20,000 and $15,000. Overall, the long-term forecast for Bitcoin remains bearish.
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