Bitcoin Unable to Overcome Critical Resistance; Could $25k Be the Next Target?

Bitcoin Unable to Overcome Critical Resistance; Could $25k Be the Next Target?

Bitcoin (BTC) Attempts to Break $28,000 Mark

The recent attempt by Bitcoin (BTC) to surpass the $28,000 mark faced a short-term setback. Nonetheless, according to analyst CrediBULL Cryptocurrency, this minor setback does not indicate any fundamental shift in the overall market.

Bullish Momentum Prevails

In the past 24 hours, positive trend momentum took control as support was established around $26,415.52. This led to an intra-day high of $27,414.73 for Bitcoin (BTC) before retracing to $26,731.25, still showing a 0.80% increase from the previous low.

Long-Term Perspective is Key

According to CrediBULL, even if there is a rejection from $27,000, a higher low and to continue upward can be expected.

This shows Bitcoin’s persistent optimism and belief in its long-term potential.

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Technical Analysis: Resistance and Support Levels

If positive momentum pushes Bitcoin prices over $27,414.73, the next resistance level to watch is around $27,800. A break over this level could indicate an uptrend to continue towards $28,500.

On the other hand, a breakdown below $26,000 might signal a pullback towards or below the $25,000 region if negative pressure persists.

Stochastic RSI and Rate-of-Change Analysis

The stochastic RSI rating of 66.67 on the BTCUSD 4-hour price chart suggests a modest fall in positive momentum. A fall below 50 could indicate a stronger shift towards negative sentiment.

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A rate-of-change rating of 0.92 supports the likelihood of a decrease in positive trend momentum. A continuous negative trend in the rate of change might suggest a slowdown in price rises and a probable trend reversal.

Hot Take: Bitcoin (BTC) Remains Resilient Amidst Short-Term Challenges

Regardless of facing short-term setbacks, Bitcoin (BTC) maintains its optimistic outlook for the long term. The recent attempt to break the $28,000 mark and subsequent retracement do not alter the overall positive trend sentiment. Bitcoin’s capacity to hold support levels and its persistence in the face of short-term changes indicate its resilience and belief in its upward trajectory.

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