Bitcoin Price Holds at $28,100 – Quo Vadis, Bitcoin?
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Bitcoin, the largest cryptocurrency in the world, staged a remarkable rally in March, notwithstanding the fallout of several lenders in the United States. However, the coin stalled roughly at $29,200, a 10-month high, and is currently in consolidation ahead of another breakout, but this time investors are rooting for highs above $30,000.
“Bitcoin, in the wake of the fallout of a handful of US lenders last month, staged a rally that brought it from around $20,000 to $28,000 in a matter of days.” Bloomberg Crypto wrote said in a recent Twitter post, adding. “Yet the coin has seemingly stopped its advance at $28,000.”
All Eyes On $29,000 As Bitcoin Price Seeks Support
In the last 24 hours, Bitcoin price lost 1.8% of its value to trade at $28,064 at the time of writing on Thursday. Its 24-hour trading reached nearly $15 million.
Some experts believe that the sideways choppy market is mainly due to shrinking volumes in the crypto market, as small retail traders wait on the sidelines for BTC price to resolve the stalemate between the bulls and bears and determine the next direction it would take.
The daily chart reveals that Bitcoin price is trading within a narrow range with support at $27,000 and resistance around $29,000. A break to either side of this range would end the consolidation.
The region at $28,000 is functioning at the pivotal level, with BTC swinging up or down to test the range resistance and support. According to Michaël van de Poppe, a popular analyst, “the $28,600 price level for #Bitcoin remains to be resistance,” he told his 652k followers via a tweet on Thursday morning.
Poppe believes the current market structure limits Bitcoin price ability to stage a rally to $30,000, at least not immediately. In his opinion, “you’d like to see a sweep in support again” around $27,600.”
“If that holds and we’ll bounce back up, continuation until either $27,600 or $28,600 gets tested again,” Poppe added.
Selected indicators applied to the daily chart below hint at the path with the least resistance staying downward in the short term, starting with a confirmed sell signal from the Moving Average Convergence Divergence (MACD) indicator.
Despite having a confirmed buy signal, investors who would like to book short positions in BTC must be cautious and consider waiting until the coin topples immediate support at $28,000 and slides below the accelerated dotted ascending trendline.
For such a trade, investors would be looking at a potential profit target of around $27,600, as Poppe mentioned. They must also make sure the MACD upholds the ongoing downward trend to the mean line—and possibly into the negative region, below the same mean line.
Has The Bull Run Started?
According to CryptoQuant, one of the leading on-chain analytics platforms, Bitcoin is “a long way to bull-run.” The platform in its latest Twitter post about the performance of the largest cryptocurrency quoted Crazzyblock, one of its verified authors, who said:
“Based on the #Bitcoin price cycle in 2015-2016 and 2018-2019, when the 1m-6m age bands’ realized price value passed the 6m-12m age bands realized price, after the pre-bull run price correction, the bull run began.”
Meanwhile, Bitcoin’s position on the four-hour chart paints a short-term bearish picture with the likelihood of retesting support at $27,600 before the end of the day—and if push comes to shove, investors can expect Bitcoin price to stretch the leg to $27,000.
Traders cannot immediately rule out the possibility of Bitcoin price dropping to test the 200-day Exponential Moving Average (EMA) (the line in blue) at $26,429. It is important to note that will be Bitcoin is safe from a massive plunge as long as it holds within the range, with support at $27,000 intact.
There is no guarantee the 200-day EMA support will absorb all the selling pressure. Although BTC has performed exceedingly well over the last few weeks, despite being bombarded by increasing regulatory pressure from the US, retail traders holding positions in the prevailing consolidation may want to avoid capitulation in case BTC starts to trim gains.
That said, panic selling might complicate Bitcoin price’s structure, leading to yet another dip to $24,000 before it makes another aggressive attack on the resistance at $29,000 for the coveted breakout above $30,000.
The bull run may have to wait for Bitcoin price to secure robust support and sweep through fresh liquidity to keep the uptrend going. The MACD, just like on the daily chart, upholds a bearish outlook in the four-hour timeframe.
Investors should keep their eyes on three key levels on Thursday, starting with the range resistance at $29,000, the range support at $27,000, and more importantly, the pivotal level at $28,000.
A break below the ascending trend line could pave the way for losses to the 200-day EMA as earlier established. On the upside, a sustained break and hold above the range limit at $29,000 might be BTC’s ticket to gains above $30,000.
Bitcoin Alternatives To Consider
Investors may want to consider some of the best altcoins to buy as they adjust their portfolios after the first quarter of the year. Some of the tokens listed here offer affordable entry points compared to Bitcoin, which most investors may find too expensive.
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