Bitcoin Price Prediction: Will It Start Rising to $28,000?

  • Bitcoin has experienced a decline of more than 1.77% today and touched the support level at $26,400.
  • If the BTC price closes below the $26,400 support on a daily basis, it may continue the downtrend and drop to $25,800.
  • For a bullish trend, Bitcoin needs to surpass the $27,400 resistance and achieve 4-hour closures above it. Otherwise, the bearish movement could persist.

The price of Bitcoin has experienced a decline today, dropping to $26,400. If the price closes below the $26,400 support, the decline may continue. To initiate an upward movement, it is essential for the price to surpass the $27,400 resistance.

MEDIUM-TERM BTC ANALYSIS

BTC/USD Daily Price Chart
BTC/USD Daily Price Chart

Today, Bitcoin experienced a drop of more than 1.77% and touched the support at $26,400. Currently, the BTC price is hovering around $26,648, and if it closes below the support, it could continue the downward trend.

If the BTC price makes daily closes below the $26,400 support, the bearish trend may extend to $25,800. After $26,400, the next significant support for Bitcoin is located at $25,800. If the BTC price remains above $26,400, it could continue the upward movement towards $28,000.

For Bitcoin to rise to the resistance range of $28,300 – $28,600, it needs to first surpass the $27,400 resistance and close above it daily. If the BTC price fails to break the $27,400 resistance, it may prefer to continue the downward trend.

SHORT-TERM BTC ANALYSIS

4-Hour BTC/USD Price Chart
4-Hour BTC/USD Price Chart

According to the 4-hour technical chart, Bitcoin encountered strong selling pressure and dropped to the $26,300 support level when it met the $27,450 resistance level.

If BTC price manages to close daily above the yellow support area mentioned in the analysis, which is $26,300, it can initiate the upward movement again, aiming for $27,450 and then possibly reaching $28,600.

To initiate the bullish trend, Bitcoin needs to surpass the $27,450 resistance and achieve 4-hour closes above this level. If BTC price fails to close above $27,450, it could sustain the downward movement towards $25,600.

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Crypto Vira
Crypto Virahttps://coinotag.com/
Alican is a young and dynamic individual at the age of 23, with a deep interest in space exploration, Elon Musk, and following in the footsteps of Atatürk. Alican is an expert in cryptocurrency, price action, and technical analysis. He has a passion for sharing his knowledge and experience through writing and aims to make a positive impact in the world of finance.
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