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Bitcoin Price Analysis! What can BTC investors expect?

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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?

BTC/USDT Price Chart Source: TradingView
BTC/USDT Price Chart Source: TradingView

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?

BTC/USDT 12 Hour Price Chart Source: TradingView
BTC/USDT 12 Hour Price Chart Source: TradingView

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.

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Marisol Navaro
Marisol Navarohttps://en.coinotag.com/
Marisol Navaro is a young 21-year-old writer who is passionate about following in Satoshi's footsteps in the cryptocurrency industry. With a drive to learn and understand the latest trends and developments, Marisol provides fresh insights and perspectives on the world of cryptocurrency.
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