Bitcoin Price Jumps 4% Defying Consolidation, Key Support and Resistance Levels

The world’s largest cryptocurrency Bitcoin (BTC) is up by 4% in the last 24 hours shooting past $28,500 levels. Also, this Bitcoin price surge comes amid the consolidation in the broader market as altcoins deliver flattish to no returns.

However, this recent Bitcoin price surge has helped the entire crypto market to move past the $1.2 trillion mark. Over the last two weeks, the current market sentiment has been neutral to bearish as BTC continues to trade in the close range between $27,000 and $28,600, which are the support and resistance levels respectively. In its latest report, on-chain data provider Santiment stated:

“Relative strength indicator (RSI) levels also show a bearish divergence, indicating weak buying pressure. The simple moving averages of 200 days and 200 weeks act as strong support levels for BTC. The monthly RSI is trending upwards, indicating a potential long-term rise. However, current market conditions suggest that Bitcoin may experience a bearish correction before any major rise”.

On the upside, if the Bitcoin price manages to break past $28,600, it can rally further in the range of $29,000 to $32,000. Similarly, on the downside, if the BTC price falls under the support of $27,000, it can crash further to $26,000 and below. On-chain data also shows that amid the current price rally, BTC’s social dominance has reached a new one-year high.

Bitcoin Accumulation Continues

On-chain data shows that accumulation in the world’s largest cryptocurrency continues over the last year. The Santiment data notes:

Since February ’22, the amount of addresses holding 10+ #Bitcoin has ballooned by 10,279, a +7.1% increase. The overall percentage of available $BTC held by these wallets is rather stagnant, but the amount is closing in on the Sep, 2019.

Along with Bitcoin, several other altcoins have also performed well in recent weeks. Earlier this week, two major altcoins Ripple (XRP) and Cardano (ADA) registered strong rallies with both gaining more than 10% a day before.