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

BTC

Published June 3, 2022

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The Bitcoin(BTC) price has been resonating within a closed range for more than three weeks, stretching from $33000 to $28500. However, a recent reversal from the overhead resistance has tumbled the coin price 9.42% lower and pulled it closer to the bottom support of $28500.

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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

BTC/USDT ChartSource-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.

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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

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From the past 5 years I 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. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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