BTC dominance has increased to 50% as the global market cap recovered to $1.1 trillion in the past week. It appeared a bit weak today and remained indecisive as the crypto fear and greed index stands at 45.
Bitcoin entered this week in a neutral mode as it failed to sustain buying in the past week. But bullish sentiments are still evolving in the market as buying slowed down for a while.
Going back to October 1, Bitcoin broke through a key resistance line to tap $28,580 (a retest of August’s breakdown support) after rising steadily for three weeks. It wicked that level the following day and retraced briefly to $27,200.
A few days later, the price bounced back but unfortunately encountered resistance at $28,295. Since then, the price remained stalled and kept finding it difficult to reclaim $28,000. Looking at the current setup, the bulls still have an upper hand over the bulls.
The recent double-bottom formation, which started from the $24,900 support, has suggested a huge potential rally for a long-term buy. However, Bitcoin might need to face a lot of resistance levels before breaking through. The crucial resistance to watch is $32,000.
Rising above this crucial resistance could validate a buy for a long-term rally. Bitcoin has remained indecisive since last weekend amid low volatility. If Bitcoin initiates a drop from the current trading level, it would need to fall below its 7-month low before we can consider a strong bearish move.
Bitcoin’s Key Levels To Watch
Bitcoin must flip the $28,000 and $28,618 resistance levels to sustain positive actions. If that happens, the next area of interest for the bulls would be the $29,000 and $29,710 resistance area before rising to $30,240 – marked as August’s resistance.
If the price drops and the $27,200 level fails to contain pressure, the asset may roll back to $26,000 and $25,255.
Key Resistance Levels: $28,618, $29,710, $30,240
Key Support Levels: $27,200, $26,000, $25,255
- Spot Price: $27,900
- Trend: Neutral-Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.