BTC dominance rises to 45.9% following a roughly $50 billion increase in the global market volume. It found a solid level above $27k this week and has shown signs of strength.

A quick recap from last month saw Bitcoin through a massive recovery from $19.6k to a local peak of $29,184 after witnessing a deep correction of the early-year rally. Following a rejection, the price slipped and continued to trend sideways.

This sideways movement has created a lot of suspense over the past weeks, and Bitcoin’s next major direction looks indecisive. However, this week’s bounce above the $27k level has hinted that the bulls are holding strong. 

But as the primary cryptocurrency experienced a series of rejections in the past weeks, the previous monthly resistance might pose another threat to the bulls. Nevertheless, it keeps marking a new high every week. 

It held the May 2022 low level as support in the past month and further reclaimed the $28k level yesterday, with a potential increase towards the crucial $28.8k level. A sudden surge at that level could fuel a big rally for this month.

With a lot of FUD surrounding the crypto market lately, Bitcoin’s price is likely to remain under $30k until it surpasses the $32.4k level – marked as resistance last May. For now, the price is still trapped in a sideways movement.

As Bitcoin accumulates for the next leg up, the closest resistance level for confirmation is $28,886, followed by last month’s peak level. The major resistance level to watch next is $29,912, $31,765 and $32,400.

If the past weeks of accumulation turn out to be a distribution phase, BTC would need to first drop off this week’s lows of $28,000 and $27,200 before rolling over to last month’s low of $26,600. It will retest $25,255 as support if the price breaks lower.

Key Resistance Levels: $28,886, $29,912, $32,400

Key Support Levels: $27,200, $26,600, $25,255

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: thvideo/123RF // Image Effects by Colorcinch

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