BTC Price Prediction: Bitcoin Price Potential Breakout $28500 Hints a 12% Rally Ahead
BTC Price Prediction: The Bitcoin price is trapped within a narrow range spread from the buying climax at $28500 and selling climax at $26600. Though this minor consolidation was earlier thought to recuperate the bullish momentum, the increasing FUD in the crypto market has led to prolonged sideways movement. Thus, the traders must form a breakout from either side of the range level to determine the potential price trend.
Key Points
- This narrow range of $28500 and $26600 can be considered a no-trading zone for Bitcoin.
- A potential bullish breakout from $28500 resistance could set BTC to hit the $31800 mark
- The intraday trading volume in Bitcoin is $20.3 Billion, indicating a 3.5% gain.
Source-Tradingview
In the last two weeks, the Bitcoin price trend has been strictly restricted to between the $28500 and $26600 levels, creating a narrow range. The coin price has reverted from the aforementioned levels at least twice indicating the market sentiment is suffering from uncertainty.
However, this consolidation came after a strong rally witnessed during March 2nd week suggesting the buyers are taking a breather. This narrow could assist traders to replenish the exhausted bullish momentum and resume the prevailing recovery.
Today, the BTC price surged 4% and rechallenged the $28500 resistance. However, a low-volume activity backing this bullish candle indicates less probability for a bullish breakout and more chances for side trend continuation for a few more trading days.
Also Read: Top Crypto Copy Trading Platforms For 2023
Thus, interested trades must wait for a daily candle closing above the $28500 resistance to obtain a buying opportunity which may lead the BTC price 12% higher to reach the $31800 resistance.
On a contrary note, a possible breakdown below $26600 will invalidate the bullish thesis and encourage BTC for longer correction.
Technical Indicator
Relative Strength Index(4-hour): the RSI slope breached a downsloping trendline to enter the bullish territory indicating an additional confirmation for a $28500 breakout.
Exponential Moving Average(4-hour): the BTC price is obtaining dynamic support from the 20, 50, and 100 EMAs slope assisting buyers for a range breakout.
Bitcoin Price Intraday Levels
- Spot rate: $28430
- Trend: Bullish
- Volatility: High
- Resistance levels- $28500 and $31800
- Support levels- $26600 and $25250
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