The largest cryptocurrency by market capitalization rose once more, crossing the $28,000 level, amid collective gains for the broader market, which approached the $1.2 trillion mark by market cap. Over the last 24 hours, Bitcoin has risen by 5.6% to approximately $28,350.
The current market sentiment is neutral to bearish. BTC price is currently trading within a narrow range, with support around $27,000 and resistance around $28,600. The RSI levels are also showing bearish divergence which indicates weak buying pressure.
The 200-day and 200-week simple moving averages act as strong support levels for BTC. The monthly RSI is in an upward trend which may indicate a possible long-term rally. However, current market conditions suggest that Bitcoin may see a downward correction before any significant rally.
In terms of future scenarios, if BTC can breach the $28,600 resistance level, it is likely to move towards the $29,000 to $32,000 range. On the other hand, if BTC breaks below the $27,000 support, it is likely to drop towards $26,000 or even lower.
Everyone should be careful and watch support and resistance levels closely before making any buy/sell decisions.
