Bitcoin Falls Sharply And Struggles Below Resistance At $28,000

Mar 23, 2023 at 09:55 // Price
Coin Idol
The price movement indicates that the BTC price will rise but will face resistance between $28,000 and $29,000

The price of Bitcoin (BTC) has remained relatively stable while trying to reach the psychological threshold of $30,000.

Bitcoin price long-term forecast: bullish

Yesterday's retest of the $29,000 resistance level led to a significant decline. As the cryptocurrency value fell to a low of $26,700, the bulls bought the dips. At the time of writing, the value of BTC is at $27,745. After the current retracement, the bitcoin price will most likely reach the psychological $30,000 price level. A price indicator also suggests that Bitcoin could rise. The retraced candlestick of the March 22 uptrend tested the 78.6% Fibonacci retracement level. According to the retracement, BTC will rise before falling to the 1.272 Fibonacci extension level or $31,128.40. The price movement indicates that the BTC price will rise but will face resistance between $28,000 and $29,000. Once these thresholds are reached, the value of the cryptocurrency will exceed $30,000.

Bitcoin indicator display

The price of the cryptocurrency is close to the overbought zone of the market. The Relative Strength Index for the 14 period is at 66. Bitcoin can go even higher. On the 4-hour chart, the BTC price is wedged between the moving average lines. It follows that the cryptocurrency value will be forced to move in a range between the moving average lines. Below the $28,000 high, there could be a short resistance. The bullish momentum is above the level 40 of the daily stochastic.

BTCUSD(Daily Chart) -March 23.23.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?

The price of Bitcoin (BTC) is rising again after falling to a low of $26,700. The largest cryptocurrency is currently hovering between $26,700 and $28,000. The upward movement will depend on whether the bulls break through the $28,000 resistance. Bitcoin will remain trapped in the meantime for a few more days.

BTCUSD(4 Hour Chart) - March 23.23.jpg

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 CoinIdol. Readers should do their research before investing in funds.

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