Bitcoin Holds Above $26,500 And Begins An Uptrend

Mar 28, 2023 at 13:11 // Price
Coin Idol
Bitcoin is currently trading in a narrow range

Bitcoin (BTC) price is flattening out as buyers are unable to keep it above the psychological threshold of $28,500.

Bitcoin price long-term forecast: bullish

The only price range that has moved since March 19 is between $26,500 and $28,500. Bitcoin is currently trading at $27,101 after falling to a lower price level. In order to overcome the resistance levels of $28,500 and $29,000 to the upside, buyers have made persistent attempts, but without success. Price signals point to a likely rise to the high of $31,000 if the current barriers are broken. The largest cryptocurrency risks a decline if buyers are unable to continue their momentum above the $28,000 high. Moreover, selling pressure may resume if the price falls below the $26,500 support. Bitcoin will decline much more and reach a low of $25,000. Bitcoin is currently trading in a narrow range.

Bitcoin indicator display

Bitcoin is at level 59 according to the Relative Strength Index for period 14. It can go much higher as it is in the bullish trend zone. If the bullish momentum is still present, the price bars will continue to rise above the moving average lines. Bitcoin's price will most likely rise. Bitcoin will continue to rise as long as it is above the 25 threshold of the daily stochastic.

BTCUSD(Daily Chart) - March 28.23.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?

On March 27, Bitcoin hit a low of $26,541 as the bulls bought the dips. Bitcoin lost value and retested the lower price range of the sideways trend. The uptrend is expected to resume if the existing support holds.

BTCUSD( 4 Hour Chart) - March 28.23.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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