As of writing, the Bitcoin price is hovering around $27,870. BTC has been moving sideways for about a week now. The 2% to 3% drop in Bitcoin is causing altcoins to drop by more than 5%. So, where should Bitcoin and altcoin investors pay attention to support and resistance levels?
Bitcoin Price Analysis! Will the Rise Continue?
When we look at the 4-hour price chart of Bitcoin, it is moving close to the important resistance range of $28,300. If the BTC price cannot break the resistance range at $28,300, it may start a downward movement from this area.
If Bitcoin (BTC) makes 4-hour candlestick closings above the $28,300 level, the first target for the rise will be around $28,800.
Although many investors believe that the rise will continue for Bitcoin, according to some analysts, Bitcoin should experience a drop to around $25,500.
Medium-Term Bitcoin Price Analysis! Is the Uptrend Continuing?
When we examine the Bitcoin chart on a 12-hour basis, it is currently touching its support at $26,600 after encountering selling pressure at the important resistance level of $28,600.
If the BTC price cannot close daily candlesticks above the $28,600 level, it may start the downward trend from this area and drop back to $26,600.
If the BTC price closes daily candlesticks below the $26,600 level, it is expected to continue its downward movement to around $25,250. If Bitcoin (BTC) can hold the support at $25,250, it may start the rise from this area.
