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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Green Support At $27,000: Bitcoin’s Key Level As Retrace Looms

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Bitcoin (BTC) remains in consolidation mode, trading within a fully formed range between $27,500 and $28,000. While the cryptocurrency has been unable to break through its toughest resistance wall, it has found solid support at the $27,000 level. 

While the support level at $27,000 has given bullish traders hope for another attempt to reach the $30,000 mark, the potential for a retrace to find bullish momentum and strength to breach the higher high resistance still looms.

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A Matter Of Time Before Bitcoin Sweeps The Lower Levels?

Bitcoin may face a potential pullback and test support levels at $27,000, the previously gained support of $25,200, or even lower. However, there is still a bullish scenario for the cryptocurrency despite these short-term fluctuations.

The $25,000 support region aligns with the 50-day moving average (MA). This provides a significant threshold to prevent further declines and could serve as a bounce-back point for Bitcoin to reach new highs.

On the other hand, crypto analyst Justin Bennett believes that Bitcoin will eventually retest the $20,000 price level, regardless of whether it makes another push toward $30,000 in the short term. Bennett suggests that is simply the nature of Bitcoin, which is known for its high volatility. 

Bitcoin
Bitcoin liquidity heatmap. Source: Justin Bennett on Twitter.

The chart above shows that there is currently a significant amount of liquidity available below the $20,000 mark, specifically within the range of $18,000 to $19,500. While this liquidity could fuel Bitcoin if it retraces to those levels, it poses a potential risk for the cryptocurrency.

BTC At A Critical Moment

According to crypto analysis firm Material Indicator, Bitcoin’s current price range is marked by a “ladder” of ask liquidity, descending from the $29,000 to $30,000 range to the active trading range. This suggests significant selling pressure at the higher end of the range, preventing Bitcoin from breaking above the $30,000 resistance level.

On the other hand, Material Indicators have identified new bids appearing around the $27,600 level, indicating support to maintain the current range and make another attempt at reaching $30,000. This suggests that there is still a bullish sentiment in the market, despite the current range-bound price movements.

Bitcoin
New bids on Bitcoin’s current price. Source: Material Indicators on Twitter.

According to the analyst team at Material Indicators, Bitcoin has made three failed attempts to surpass the higher high resistance level. However, despite these attempts, there has not been a confirmed breakout or breakdown from the current price range. The price has been rejected at various points, resulting in choppy price movements within the range.

Overall, the appearance of new bids at this level indicates that some investors are willing to buy Bitcoin at this price, which can help provide support and potentially drive the price higher, which will confirm the new trend of Bitcoin and further confidence in BTC.

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Shiba Inu Fundamentals Look Strong, When Will SHIB Price Follow?

1 year ago
Bitcoin
BTC’s sideways price action on the 1-day chart. Source: BTCUSDT on TradingView.com

Bitcoin is trading at $28,100, almost trading neutral with a decline of 0.3% in the last 24 hours and 0.2% in the last 7 days. 

Featured image from Unsplash, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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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

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Ad discliamer

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