Bitcoin has recently taken a hit after the price touched $29,000 for a brief while. After consolidation, the price fell below $28,000 multiple times, and now it has finally seen a steep increase. At present, Bitcoin is trading at $28,373 as it rebounds strongly from $27,500, with bulls taking control. Now the real question is whether Bitcoin will be able to move past the strong resistance of $30,000. If it does, it can be the start of the next bull run.
Bitcoin rebounds from $27,500 as bulls take control
The price is holding above $28,000, however, the $28,400-$28,800 zone has high resistance. We also have the 100 hourly SMA in that zone which will be critical to clear. Bitcoin’s price may correct further because a bearish trendline can be seen forming on the hourly chart, as reported by Kraken. For bulls, it would be important to make sure that the $27,500 price holds as it has given support 3 times now to Bitcoin. As for the resistances, crossing $28,800 might be the key to retesting $29,000 and moving towards $30,000.
Fib retracement shows that $27,820 is supported now, while the range of $28,600-$28,800 has strong resistance. If we clear this level, the next stop could be $29,200. For now, we can rest a bit easier because Bitcoin has cleared multiple resistances and turned them into support in the past 12 hours.
The market sentiment has gotten better despite the correction. Bitcoin’s fear and greed index is currently at 63, which is good and shows that we still have a long way to go before we hit that extreme greed score when the chance of a massive correction or downturn happens. I feel that if we hit $30k and move up from there, then a correction might happen till we retest $30k again.
As for the financial policies that can affect the market, we can rest assured about the interest rate hikes for now. The US Federal Reserve has decided to take a pause on them after the collapse of Silvergate bank and Silicon Valley Bank. There is also no other significant regulation or law that is to be announced which might change the trajectory of the market.
What are your thoughts as Bitcoin rebounds from $27,500 and is now testing the $28,400-$28,800 resistance zone? And do you think we will reach $30,000 this time? Let us know in the comments below. And if you found our content informative, share it with your family and friends.