End Of The Road? Why A Bitcoin Price Surge to $28,500 Could Lead To A Crash

2023-9-19 21:00

The crypto market is finally seeing some green during today’s trading session, with the Bitcoin price rising above $27,000 for the first time since late August. Similar to that occasion, the cryptocurrency stands at a crossroads, but bulls should remain cautious, new data suggests.

As of this writing, the Bitcoin price trades at $27,200 with a 3% profit in the last 24 hours. Over the previous week, the cryptocurrency experienced a 9% gain, with the rest of the top 10 by market cap displaying similar price action but lagging BTC.

Bitcoin Price Fractal Spells Doom For Bulls

Pseudonym trader Rekt Capital has been closely monitoring a Bitcoin price fractal, forecasting a re-test below $20,000 for the cryptocurrency. The operation believes that BTC formed a double-top price pattern.

This technical indicator predicts downside pressure for the Bitcoin price. However, the spike in selling pressure seen in the chart may take some time to gain strength.

If the Bitcoin fractal above holds accurate, and if the cryptocurrency completes the double top, there is a high chance of a brief relief rally. In this scenario, the price of BTC could continue on its current trajectory and hit the $28,500 to $29,000 levels before declining into critical support.

The fractal could be invalidated if bulls can push the price of Bitcoin above $31,000 and into yearly highs, Rekt Capital believes. Other bullish scenarios in the long term involved a weekly close above the resistance created at around $29,000 and for $19,000 to hold as support in case of further downside.

No Liquidity, No BTC Rally

Additional data from crypto analytics firm TheKingFisher indicates that the current Bitcoin price rally could lose steam. As the chart below shows, upside liquidity for the current price action is limited.

On the contrary, big liquidity pools are sitting on the downside, waiting for big BTC traders to push prices into those levels. In the short term, $26,700 is a potential critical support in a spike in selling pressure.

Cover image from Unsplash, chart from Tradingview

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

price bitcoin august similar occasion late time

price bitcoin → Результатов: 126


Фото:

Bitcoin To $240,000: Analyst Cites Key Narrative As Catalyst

Bitcoin price has fallen by over 10% after briefly touching its all-time high of $69,000, propelled by investors’ flood of money into BTC Spot Exchange-Traded Funds (ETFs). However, intense volatility surrounding the crypto asset’s price has triggered a rebound to the $68,000 mark, which highlights the return of positive enthusiasm, prompting predictions of a significant rally to an unprecedented height.

2024-3-9 19:00


Bitcoin approaches its $69k all-time high price: Should you start buying BTC-related projects?

Key takeaways BTC continues to trade around $62k as it closes in on its all-time high price. Bitcoin Dogs’ presale will end in 12 days and has already raised over $6.3 million Bitcoin eyes its all-time high price of $69k The crypto market was bullish this week, adding 20% to its value in the last […] The post Bitcoin approaches its $69k all-time high price: Should you start buying BTC-related projects? appeared first on CoinJournal.

2024-3-3 00:16