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Bitcoin and cryptocurrencies continue their upward trend. Although Bitcoin experienced a -0.24% drop today, it continues its upward trend. However, Bitcoin is moving close to a critical resistance level. We will share the current Bitcoin analysis with you.
Bitcoin Must Break This Level for the Upward Trend!
12 Hour Bitcoin Price Chart Source: TradingView
When we examine the Bitcoin price chart, we see that it experienced a drop after encountering sales at the 28,600$ resistance level.
Although the Bitcoin price has tested the 28,600$ resistance level four times, it has not been able to make daily candlestick closures above this level. Bitcoin (BTC) can continue its upward trend if it makes daily candlestick closures above the 28,600$ level mentioned in the analysis.
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We can see that altcoins continue their upward movements when the Bitcoin price is above 28,600$.
How Can Bitcoin Move in the Short Term?
2 Hour Bitcoin Price Chart Source: TradingView
When we examine Bitcoin in the short-term price chart, we see that it is trying to hold onto the 28,300$ support with a 30-minute support.
Bitcoin can make an upward movement to the 29,000$ levels again as long as it stays above the 28,300$ support. If the Bitcoin price makes 1-hour candlestick closures below the 28,300$ level, it can drop to the 27,600$ levels.
If Bitcoin stays below the 28,600$ level, it may want to realize its downward movement to the white support (27,100$) area mentioned in the analysis.
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