Bitcoin Due New Local Low? Watch These BTC Price Levels As $28K Rejects
Bitcoin price chart showing $28K resistance level
Bitcoin (BTC) has been unable to break through the $28,000 resistance level on several occasions, which has led some analysts to believe that the cryptocurrency is due for a new local low.
If Bitcoin does fall to a new local low, it is important to watch the following price levels:
- $27,000: This is the next major support level below $28,000. If Bitcoin falls below this level, it could lead to a further sell-off.
- $26,000: This is a key psychological level and also the 200-week moving average. If Bitcoin falls below this level, it could signal a bear market.
- $25,000: This is the previous local low and a key support level. If crypto stock price falls below this level, it could lead to a significant sell-off.
Technical analysis
Bitcoin is currently trading in a range between $25,000 and $28,000. The $28,000 level is a key resistance level, and Bitcoin has been unable to break through this level on several occasions.
If Bitcoin is unable to break through the $28,000 resistance level, it could fall back to the $25,000 support level. If Bitcoin falls below the $25,000 support level, it could lead to a further sell-off in Bitcoin prices.
Bitcoin price chart showing technical indicators
The technical indicators on the Bitcoin price chart are bearish. The MACD is below the signal line and the RSI is below 50. This suggests that Bitcoin is in a downtrend and that a further sell-off is likely.
On-chain analysis
On-chain data shows that large investors are accumulating Bitcoin at current levels. However, the number of active addresses on the Bitcoin network has been declining. This suggests that the retail market is losing interest in Bitcoin.
Bitcoin is due for a new local low if it is unable to break through the $28,000 resistance level. Investors should watch the $27,000, $26,000, and $25,000 price levels for support.
The technical and on-chain indicators are bearish, which suggests that a further sell-off in Bitcoin prices is likely.
Additional information
In addition to the information above, you could also include the following in your article:
- A discussion of the factors that are driving the Bitcoin price downtrend.
- An analysis of the potential implications of a crypto market prediction breakout or sell-off for investors and traders.
- A list of resources where readers can learn more about Bitcoin and the cryptocurrency market.
By including this additional information, you can make your article more comprehensive and informative, which will help to improve its SEO ranking.
Disclaimer
This article is for informational purposes only. It is not financial advice. Please do your own research before making any investment decisions.
