Bitcoin Price Analysis: BTC Price Plans Revisit to $28500 Mark; will it hold?

03 Jun, 2022

Editor

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Key points:

The BTC price weekly chart shows a long tail rejection candle at $28500
The Rising RSI slope shows a steady rise in bullish momentum.
The intraday trading volume in the Bitcoin is $30.02 Billion, indicating a 29.5% loss

Source-Tradingview

The Bitcoin(BTC) price has witnessed a gradual downfall since early April and plummeted to a low of $26,350. This downtrend registered a 44.54% fall considering the last swing high of $48068.

Anyhow, the BTC buyers maintained their support at the $28500 mark and started to walk a lateral path. During the first three-week of consolidation, the coin price formed a descending triangle pattern, and a bullish breakout from its trendline drove it to $33000 resistance.

However, the triangle breakout wasn’t enough to surpass the overhead resistance resulting in the continuation of the range-bound rally. Furthermore, the BTC price recently turned down from the $33000 mark and reflected a possibility to revisit the $28500 support.

Additionally, no significant support is present between the current price of $29495 and the bottom support, indicating a straight path to $28500. However, this support may replenish the bullish momentum as the weekly chart presents several lower price rejection candles.

Technical indicator-

The RSI slope forming a constant higher high despite a lateral walk price action foretell an upcoming breakout from the $33000 mark.

The Bollinger band indicator has narrowed its range, accentuating a sideways rally. Therefore, a possible breakout needs to surpass dual resistance consisting of the price level and this indicator’s upper band.

Resistance level- $30600, and $33000
Support level- $28500 and $26700

Investment disclaimer: The content reflects the author's personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.