Bitcoin Remains In A Favorable Trend As It Regains The High Of $29,000

Bitcoin Remains In A Favorable Trend As It Regains The High Of $29,000

April 3, 2023

Bitcoin (BTC) price drops to a new low of $27,557 before rising again.

Bitcoin price long term forecast: bullish

The price slide was triggered by a sharp rejection in the $29,000 resistance area. Since March 19, buyers have consistently held the price above the $28,000 level, but have been unable to break above the $29,000 ceiling. At the time of writing, the price of one bitcoin is at $28,340. Buyers are currently making a second attempt to keep the price above the $29,000 level. On March 30, buyers held the price above the $29,000 resistance level, but were rebuffed at a high of $29,171. Today, the BTC price is rising and approaching the $29,000 resistance level. If the cryptocurrency price rises above the current support, the resistance at $29,000 will be breached. The bullish momentum will rise above the $30,000 high. However, if buyers fail to keep the price above the recent high, bitcoin will fall back to the previous trading range.

Bitcoin indicator display

Bitcoin’s Relative Strength Index is at 58 for the period of 14. Despite the recent decline, the cryptocurrency asset is still in a favorable trend. The cryptocurrency has the potential to go even higher. The fact that the price bars are still above the moving average lines suggests that the price of the cryptocurrency will continue to rise. The oversold zone of the market for bitcoin has been reached. In other words, it is below the level 20 of the daily stochastic. This indicates that the negative trend has come to an end as buyers are emerging in the oversold area.

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?

Bitcoin has been bobbing sideways behind the $28,800 resistance level since March 19. In the last two weeks, the cryptocurrency’s price fluctuated between $26,500 and $28,500. The largest cryptocurrency will develop once the resistance levels of $28,800 and $29,000 are broken.

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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