Bitcoin Falls After Harsh Rejection At $28,400

Cryptocurrency analysts of Coinidol.com report, Bitcoin (BTC) price is falling today after its rejection of the $28,400 high.

Bitcoin price long term forecast: bearish

Buyers were unable to sustain the bullish momentum above the recent high. The largest cryptocurrency was rejected twice at $28,400 before falling back. At the time of writing, the cryptocurrency had fallen as low as $26,887. The decline has moderated as long as it remains above the significant support level of $26,000.

The 50-day $MA slowed the downtrend as it broke below the moving average lines. Bitcoin is trapped in the gap between the moving average lines. The cryptocurrency asset will resume its movement once the moving average lines are crossed. Currently, the price of BTC is rising as it is holding above the 50-day line SMA, but below the 21-day line SMA. Once the price crosses the 21-day line SMA, the upward movement will resume.

Bitcoin indicator display

The barrier lines of the 21-day line SMA and the 50-day line SMA have circled the price of BTC. The moving average lines will decide the upward and downward movement of Bitcoin. Bitcoin is currently limited to a sideways movement between the moving average lines. The presence of doji candlesticks will also limit the price movement.

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 slipped above the crucial support level of $26,000. The resistance of $28,400 has slowed down the upward momentum of the largest cryptocurrency. The cryptocurrency's price has fluctuated between $26,000 and $28,400 over the past two months. BTC has limited itself to a small range today.

On October 9, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the largest cryptocurrency got stuck after rising as high as $28,611 on October 2. Last week, buyers were unable to keep the positive momentum above the $28,600 resistance. 

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