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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Price Barrels Past $28,000 – Can BTC Keep Pushing This Week?

Christian Encila
Christian Encila
2 years ago
3 mins read
Bitcoin price

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Bitcoin price is proving its resilience as the world’s most popular cryptocurrency surges past the $28,000 level today, gaining 3% in the last 24 hours alone. March saw the start of the anticipated leg of an uptrend that pushed BTC to nine-month highs, leaving experts questioning what’s behind this remarkable run. 

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Bitcoin Price Draws Highest Weekly Close In Nine Months

At the time of writing, Bitcoin was trading at $28,284, up 27% in the last seven days, data from crypto market tracker Coingecko shows.

Source: Coingecko

Bitcoin had a strong start to the year, with a 41% increase in the first three weeks, but then hit a Fair Value Gap (FVG) and pulled back to balance. This allowed buyers to step in and push Bitcoin to a nine-month high of $27,763. 

With Bitcoin’s aggressive momentum, analysts expect the alpha coin to further climb to $29,000.

Overall, Bitcoin’s price movement is influenced by a power struggle between bulls and bears, resulting in periods of sideways movement and pullbacks to rebalance.

While the current position of BTC suggests a possible extension of the rally, investors should also be cautious of bearish signals from momentum indicators, which may indicate a future correction.

Just like previously asked on #Bitcoin, we got the answer now as well.

Are we staying above $26,800? Answer is clear; yes.

This means, trend will continue to last until $26,800 is lost.

Looking for a final sweep into $28,300-28,900 and then reversal. pic.twitter.com/d6lK0CWAjx

— Michaël van de Poppe (@CryptoMichNL) March 18, 2023

A Final Sweep Before Reversal

Despite the slight dip in BTC/USD over the weekend, Michaël van de Poppe, who is the founder and CEO of trading firm Eight, remains hopeful about the short-term future of the cryptocurrency.

Van de Popperend says the trend will continue to last until $26,800 is lost, adding it will go through “a final sweep into $28,300-28,900 and then reversal.“

BTC total market cap at $536 billion on the daily chart at TradingView.com

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Selling Pressure

Meanwhile, the collapse of traditional finance banks had a ripple effect on stablecoin platforms, causing initial selling pressure. However, investors may have regained confidence and started investing in Bitcoin, which is comparatively more stable than stablecoins.

This could be the reason for Bitcoin price rally, despite the development of a bearish divergence. If BTC can hold above the $27,000 support level, the sell-side inefficiency could be a buying opportunity, with the next target being the upper limit of $28,500 to $29,000.

-Featured image from digthisvegas.com

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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