Bitcoin Price Holds at $28,000 -Can We Expect A Leap This Week?
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The largest cryptocurrency fights to keep support at $28,000 intact at the start of the new week after breaking out to a 10-month high of $29,216 in March. Bitcoin and Ethereum are the two best-performing assets across global markets even as regulators battled to mitigate the effects of the banking crisis in the United States and Switzerland.
Bitcoin price is trading at $27,800 at the time of writing, after printing two consecutive bearish candles on the four-hour chart. With support at $28,000 no longer viable at the moment, bulls could be looking at $27,730 to tap into the liquidity provided by the 100-day Exponential Moving Average (EMA).
In other words, failure to keep the price above $28,000 on Monday may have forced buyers to resolve to wait for a lower price level, before jumping in and pushing for the much-anticipated climb above $30,000.
Bitcoin Price Confirms $38,000 Target – Analysts Predict
The performance Bitcoin put out in March was remarkable, to say the least. As the banking crisis in the US wreaked havoc in other global markets, Bitcoin not only held its cool, it gained over 24% in value.
Experts believe that Bitcoin has over the years matured to be considered a reliable hedge against some uncertainties in the traditional financial sector.
The second-largest crypto Ethereum continues to follow closely in Bitcoin’s footsteps amid predictions of a run up to $3,000 as soon as the psychological resistance at $2,000.
According to Captain Faibik, a popular analyst with about 54k followers on Twitter, “a weekly close above $29k will open the doors for a rally to $38k” citing the challenges bulls are facing when “struggling to retain the 29k S/R crucial level.”
$BTC Bulls have been Struggling to Regain the 29k S/R Crucial Level..!!
A weekly Close above 29k will open the Doors for a Rally to 38k 📈#Crypto #Bitcoin #BTC #BTCUSD pic.twitter.com/XxeYgElvaY
— Captain Faibik (@CryptoFaibik) April 3, 2023
On-chain data by CryptQuant suggests “the end of surrender (capitulation) period” is here—and the path with the least resistance is to the upside. “It may be a boring period, but the fact that we have already passed the undervalued phase excites us,” CoinLupin an author at Crypto Quant said.
The end of the surrender (capitulation) period and what comes after.
“It may be a boring period, but the fact that we have already passed the undervalued phase excites us.”by @bitcoin_lupin
— CryptoQuant.com (@cryptoquant_com) April 3, 2023
Where Is Bitcoin Price Headed?
Bitcoin’s technical outlook from the four-hour timeframe chart depicts a short-term bearish trend until bulls are able to take back the reins. Notice the position of the largest crypto asset beneath the 50-day EMA (line in red) at $28,000.
If bulls fail to reclaim this support at $28,000 in Friday’s session, we could be looking at a retest of $100-day EMA (line in blue) at $27,333. If push comes to shove, and overhead pressure overwhelms the buyer congestion, Bitcoin price might drop to the region between $26,841 and $26,632.
For now, the path with the least resistance is to the downside, as Bitcoin is weighed down by a sell signal from the Moving Average Convergence Divergence (MACD) indicator. Notice the MACD line holding below the signal line in red and crossing below the mean line at 0.00 into the negative region.
Traders looking forward to shorting Bitcoin price may, however, want to wait until the asset breaks support at the 100-day EMA, mentioned at $27,730. Otherwise, BTC may have taken a breather ahead of another significant breakout beyond $30,000.
The daily timeframe chart affirms the same bearish outlook as Bitcoin price fights to hold short-term support at $27,800. As much as investors would want to see BTC above $28,000 and subsequently $30,000, it is not prudent to ignore the possibility of a bearish outcome, at least in the short term before bulls can tighten their grip on the uptrend.
Adding credence to the bearish outlook is the Relative Strength Index (RSI) bearish divergence, which occurs when the RSI, a momentum oscillator, forms lower highs while the price action forms higher highs, as illustrated on the chart.
This often signals that the bullish momentum in the market is fading and a bearish trend will likely follow. Traders use the RSI to identify possible trend changes in the market and the ongoing retreat from the overbought region shows that sellers have the upper hand, for now.
If the RSI line in purple stays below the moving average in yellow, Bitcoin price may continue to explore downstream levels at $27,730 as analyzed. A break and hold below $27,000 could open a can of worms with BTC likely to meet a significant sell-off to the 50-day EMA (line in red) at $25,000.
According to the On-Balance-Volume (OBV), indicator inflows in BTC markets fall slightly below outflows. This means Bitcoin faces a higher probability of sliding lower than the prevailing market value of $28,858 as opposed to immediately jumping to $30,000.
That said, some of the key levels investors and traders would be watching on Monday are the pivotal $28,000, the 100-day EMA on the four-hour chart at $27,730, and the position of both the RSI and the MACD in reference to this analysis.
Bitcoin Alternatives To Consider
Before buying BTC, investors may consider some of the best altcoins in the market offering a better risk-reward ratio and excellent for portfolio diversification.
InsideBitcoin’s team releases a weekly review of the best crypto presales to buy for 2023. The tokens listed here are currently in their presales, which means investors would be buying the tokens at a discounted price.
Love Hate Inu is first on the list and stands out from the rest for its revolutionary approach taken to address the issues in the poll and survey industry.
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Built on the Ethereum blockchain, Love Hate Inu fosters a transparent and secure voting process. Users can give their views on the topics without fear of judgment and prejudice because the system protects their identities as they cast their votes.
Love Hate Inu uniquely blends the hype in the meme coin sector of the crypto economy with robust elements of an open yet secure voting process. Armed with these aspects, LHINU could take on larger meme coins like DOGE and SHIB.
Investors can grab LHINU tokens in an ongoing presale at $0.000095. It is worth mentioning that only 6 days remain before the next stage comes and the price rises to $0.000105. As interest in Love Hate Inu explodes, more than $2.56 million has been raised in the fast-selling presale.
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— Love Hate Inu (@LoveHateInu) April 2, 2023
Metropoly is introducing an innovative way of driving investment into the real estate industry, tapping the decentralized power of blockchain technology.
Users on this platform will for the first time be able to invest in real estate properties around the world within a record 20 seconds, drastically cutting the time from the traditional 60 days needed to complete the purchase of any property.
Metropoly is building the first innovative NFT marketplace to bolster investment in income-generating properties, while at the same time, eliminating the need for intermediaries like banks which often introduce hidden fees.
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— METROPOLY – PRE-SALE IS LIVE! 🔊 (@metropoly_io) April 3, 2023
NFT owners can benefit from their ownership by selling their NFTs whenever they want and enjoying the increase in value.
Investors are buying METRO tokens in an ongoing presale that has bagged $1.11 million. At stage 10 of the presale, 1 METRO is selling for $0.0769, and investors must hurry because this is the last chance before the token lists on exchanges for the first time.
Love Hate Inu – Newest Meme Coin
Decentralized Polling – Vote to Earn
Early Access Presale Live Now
Featured in Yahoo Finance
Mint Memes of Survey Results as NFTs
Viral Potential, Growing Community
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