Bitcoin’s recent surge above a resistance level dating back to August 2022 has boosted the possibility of a continued rally, with $28,000 now in sight.
Bitcoin breaks the main resistance level and targets $28,000
Bitcoin’s bullish momentum shows no signs of slowing down as the top cryptocurrency shot above a key resistance level during Asian trading hours on Friday. The break of the August 2022 resistance level, which also saw limited gains over the past month, has shifted focus to the next technical hurdle above $28,000.
Markus Thielen, Head of Research and Strategy at Matrixport, a crypto financial services company, told CoinDesk:
“Bitcoin now has a chance to scale to the next technical level which is $28,000.”
He also noted that Bitcoin has rallied, reacted and retested within major price swings from points in increments of $4,000 – $16,000, $20,000 and $24,000 – from which the current breakout is now targeting $28,000.
Read more: Bitcoin’s open interest is down nearly 15% over the past two weeks
At a 39-week high, Bitcoin’s price has surged from $19,000 to $26,000 while leverage and the total value of all cryptocurrencies are now declining at $1.14 trillion, analysts believe Bitcoin’s price is likely to remain bullish.
Aside from technical indicators, Bitcoin’s movement also appears to correlate with interest-rate-sensitive tech stocks. Wall Street’s tech-heavy Nasdaq index rose 2.6% on March 16, confirming a bullish pattern on the daily chart.
The recent surge in bitcoin price is likely to reignite the debate over the cryptocurrency’s volatility and prospects. However, now that a major resistance level has been cleared, Bitcoin’s uptrend seems to be at least solidifying going into the weekend.
Continue reading: Stealth QE: Fed balance sheet grows $300 billion, Bitcoin breaks $26,000
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