Finally, Bitcoin has broken and is trending above the $28,000 level after consolidating for several days due to volatility and price swings.
But can it hold above this range?
Bitcoin Price Climbs Sharply
On Wednesday, Bitcoin experienced a sharp climb as investors disregarded their initial concerns about U.S. regulators cracking down on major players in the industry and instead showed a willingness to take on some risk.
At press time, Bitcoin (BTC) trades at $28,057.26 with a 24-hour trading volume of $13,498,257,130. However, the price has decreased by -0.04% in the last 24 hours and -1.17% in the past seven days. Its market cap is $542,593,138,101, based on its circulating supply of 19 million BTC.
Previous BTC Analysis
In the previous analysis, the BTC price at $26,000 had become a psychological support for Bitcoin, while $29,000 remained a strong resistance. Additionally, the market was awaiting the finalization of the Ripple lawsuit, and a ruling was expected to be made in April. Despite this, Bitcoin was still trending above its 200-day and 50-day moving averages and had confirmed its bottom following the golden cross.
For those who missed the opportunity to buy between $15,000 and $24,000, securing a position before BTC breaks $30,000 may be a wise decision. If the bulls continue to push the price higher, the following targets for Bitcoin are $32,000 (target 1) and $38,000 (target 2).
Bitcoin Price Next Week
Bitcoin continues to maintain its upward trend above both the 200-day and 50-day moving averages. A golden cross signaled the end of the bearish market, and Bitcoin confirmed its bottom shortly after that, leading to an upward trajectory.
However, the price is still in the consolidation phase. After breaking above the $28000 level, the price of BTC still lingers around the zone, unable to move up to break the resistance level. The bulls however show an aggressive measure to push the price above $30000, resistance. If this should take place a short bull run to the $35000 resistance zone will be inevitable.
The relative strength index also indicates signs of a bull run in the coming weeks as it is trading above 50. In the coming week, BTC should break above the resistance zone achieving a $35000 target.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decisions based solely on what you read here.