Bitcoin Approaches Barrier At $28,350 And Risks A Fall

Oct 16, 2023 at 12:45 // Price
Coin Idol
The Bitcoin price is now in contention

Bitcoin (BTC) price has broken through its resistance and is on the rise again. Cryptocurrency price analysis brought by

Bitcoin price long-term forecast: bearish

Bitcoin has been trapped between the moving average lines since October 11. Bitcoin price rallied today after breaking above the 21-day simple moving average line. The bullish momentum had reached a high of $27,931 at press time. Buyers will return to the former barrier of $28,350. Earlier in the month, on October 2 and 6, buyers made two unsuccessful attempts to break the $28,350 level.

For the third time, the largest cryptocurrency is approaching the barrier in preparation for a possible breakout. If the buyers succeed, Bitcoin could reach the psychological price barrier of $30,000. If the buyers fail to break through the resistance, the cryptocurrency's price will move in a range. One Bitcoin will then be worth between $26,850 and $28,350.

Bitcoin indicator display

The price of BTC resumed its uptrend with the break above the 21-day line SMA. As long as the 21-day line SMA is intact, the bullish momentum will continue to push the bitcoin price higher. The price of BTC will rise as long as the price bars are above the moving average lines. The overbought area of the market is currently acting as a barrier to the uptrend.

BTCUSD_(Daily Chart) – OCT. 16.23.jpg

Technical indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

What is the next direction for BTC/USD?

Bitcoin has reached the previous barrier of $28,350. Since October 2, buyers have been desperately trying to overcome this resistance level, but they failed. The Bitcoin price is now in contention as it approaches a high of $27,950. If it is rejected at the current high, Bitcoin will continue to fall and move in a range.

BTCUSD (4 Hour Chart) – OCT. 16.23.jpg

On October 12, 2023 cryptocurrency analytics specialists of stated that buyers were unable to sustain the bullish momentum above the recent high. The largest cryptocurrency was rejected twice at $28,400 before falling back. 

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

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