Cryptocurrency analysis firm Skew has recently revealed its perspective about Bitcoin's (BTC) market movements and predicted a retest of the $28,000 price level based on several technical indicators and price patterns. On the 4-hour chart, the price needed to reclaim the prior 4-hour low around $27.2K in order to have any chance of a potential upside. Moreover, the analysis points out that the Bitcoin price is likely to retest the 4-hour and the 1-day Exponential Moving Average (EMA) trend in the near future. The intersection of the price and EMA usually serves as an indicator of potential market reversals.

In addition to this, the oscillators also suggest some bullish momentum building up. The Relative Strength Index (RSI) must move above 50 and the price should also close above the previous 4-hour low in order to confirm this positive momentum. On the 4-hour chart, the $29.8K is identified as a supply point, which implies that it is a key resistance level, that sellers would start dominating.

Furthermore, Skew pinpoints the 200 week Simple Moving Average (SMA) at $26k as a safety measure. The 200-week SMA has been an historical support for Bitcoin during bear markets. Therefore, this price level is expected to be a reliable support for BTC in the future. All things considered, the analysis concludes that the most likely expected movement for Bitcoin would be a retest of the $28k price level.



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