itcoin">Bitcoin has established support near $27,750 in recent trading sessions, piquing the interest of traders and investors over the cryptocurrency’s future course. Many people are unsure whether this support level will hold after suffering a bearish trend or whether further drops are imminent.
As of the time of publication, itcoin">Bitcoin was circling around $28,000 after testing key support at $27,800 last evening (EST). A price above $25,000 refers to the long-term trend continuing to be firmly in favor of itcoin">Bitcoin bulls. To prevent a larger decline to $25,000 in the near future, it is crucial to hold the $27,800 level, as also suggested by analyst XO.
The trend-setting price level, according to technical analyst Michaël van de Poppe, founder of Eight Global, is crossing above $28,400 in the shorter time frame. “Breaking through $28.4K, and we could be back to $30K in a few days. Not breaking and folding in coming days, $25K next. Big volatility on the horizon,” the analyst warns.
The business analytics platform MicroStrategy has confirmed its commitment to its itcoin">Bitcoin investing plan after reporting its first quarterly profit since 2020. The Michael Saylor-founded business generated a $94 million profit in the first quarter of 2023, largely as a result of a one-time income tax windfall of $453.2 million.
The current weakness that itcoin">Bitcoin displays, with a price of approximately $28,000, may, however, be a sign that another sweep of the lows is required to create fresh upward momentum. “Still eyeing $27.8K for a potential long here or a break and flip of $28.4 for itcoin">Bitcoin,” van de Poppe writes.
In their most recent research, co-founders of Glassnode Yann Allemann and Jan Happel state that the monthly closing for itcoin">Bitcoin in April was a significant signal for the bulls. BTC closed in the black for the fourth month in a row. The short-term trading channel is between $27,000 and $29,200, according to the analysts.
