Today, together with you, we will examine together what is the situation of Bitcoin, which continues to rise on the first day of the week, and which levels to follow.
What Happened Over The Weekend?
The silence of the SEC over the weekend and the lack of speech from anti-crypto lawmakers supported the session high of $28,521, while fear of the FED left Bitcoin below the $29,000 level. However, the bullish Bitcoin technical indicators signaled a return to the $ 29,000 level.
However, Coinbase, which is considering integrating the Bitcoin Lightning Network, played a role in the rise of the BTC price. When asked on Twitter to Brian Armstrong, CEO of Coinbase, Armstrong replied: “Yes, the Lightning Network is great and we will integrate it.”
Bitcoin Price Analysis
Bitcoin, which fell behind the closing level of yesterday with a decrease of 0.01% in the early hours of the morning, continues to be priced above $ 28,353 with an increase of 1.33% at the moment.
Bitcoin price needs to avoid the $28,202 pivot level to target the initial resistance at $28,638. A move towards the Sunday high of $28,521 could signal a long bullish session.
In the case of an extended rally, bitcoin price will likely test the second major resistance level at $28,957. If the asset rises to these prices, the third resistance level to follow is located in the $29,711 region.
A drop from the $28,202 pivot zone would activate the first support level at $27,884. However, in case of possible selling pressure, Bitcoin should avoid below $27,500 and the second support level. Bitcoin’s third support level is located in the $26,695 region.
A hold above the 50-day EMA of $28,028 would support a breakout of $28,638 to target $28,957 and $29,900. However, a drop from the 50-day EMA would make the 27,774 and 100-day EMAs visible at $27,723. A pullback from the 50-day EMA signals a decline in price.
What Experts Say
Bitcoin price action is currently forming a pennant, according to technical analysis shared by popular crypto analyst Ali Martinez. A potential break above this pattern could signal a continuation of BTC price action to the upside.
Analysts, who have positive views on the ongoing price movements of Bitcoin, expect much higher price levels from here if the $ 27,600 level is maintained.
Another analyst who commented on the subject was Michael Van de Poppe. In his post, Poppe said: “The price action has remained stable and the longer we stay in this range, the heavier the impulse will be. Based on the fact that we came in at $15,000, I assume we’re going to see strong continuation. For now, $27,600 support remains. Bitcoin is still moving towards the $28-30k resistance level. Powell’s policy of raising interest rates will also likely end. This is a very important component for relaxation. If Bitcoin breaks the $28,000-30,000 level, $40,000 and $46,000 are next. It is possible that there will be significant breaks in altcoins due to this environment of trust.”
