The recent surge of Bitcoin above a resistance level that dates back to August 2022 has strengthened the possibility of a continued rally, with $28,000 now in view.
Bitcoin Breaks Major Resistance Level and Sets Sights on $28K
Bitcoin’s upward momentum shows no signs of slowing down as the top cryptocurrency surged past a key resistance level on Friday during Asian trading hours. The breach of the resistance level dating back to August 2022, which also had limited gains last month, has shifted the focus to the next technical hurdle above $28,000.
Markus Thielen, Head of Research and Strategy at Matrixport, a crypto financial services firm, told CoinDesk:
“Bitcoin has now the chance to climb to the next technical level, which is at $28,000.”
He also noted that within larger price swings, bitcoin has rallied, reacted, and retested from $4,000 point increments – $16k, $20k, and $24k – from which the current breakout is now targeting $28k.
Read more: Bitcoin open interest drops almost 15% in the past two weeks
Riding a 39-week high, the price of Bitcoin has surged from $19,000 to $26,000, all while witnessing the unwinding of leverage and the total value of all cryptocurrencies now at $1.14 trillion, analysts believe the price of Bitcoin is likely to remain bullish.
In addition to technical indicators, Bitcoin’s movement also seems to correlate with rate-sensitive technology stocks. Wall Street’s tech-heavy Nasdaq index rose 2.6% on March 16, confirming a bullish pattern on the daily chart.
The latest surge in Bitcoin’s price will likely reignite debate over the cryptocurrency’s volatility and prospects. However, with a major resistance level now cleared, Bitcoin’s upward trajectory appears to be at least solidified into the weekend.
Read more: Stealth QE: Feds balance sheet grows $300B, Bitcoin breaks $26,000
Bitcoin Market Data
At the time of press 12:53 am UTC on Mar. 18, 2023, Bitcoin is ranked #1 by market cap and the price is up 10.09% over the past 24 hours. Bitcoin has a market capitalization of $531.19 billion with a 24-hour trading volume of $51.72 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 12:53 am UTC on Mar. 18, 2023, the total crypto market is valued at at $1.17 trillion with a 24-hour volume of $86.13 billion. Bitcoin dominance is currently at 45.46%. Learn more about the crypto market ›
