Bitcoin (BTC) is currently being traded in the narrow $27,000 to $28,000 corridor, with the price standing at around $27,713 at press time. The cryptocurrency's recent surge has been largely attributed to the wide adoption of decentralized finance platforms, and businesses accepting cryptocurrency payments. Over the past 24 hours, prices have increased by around 1.19%, gaining strength with each passing day.

If and when Bitcoin reaches the resistance level at $27,757, it is likely to experience a price jump to the $27,900 to $28,000 area. However, if sellers pressure is too strong, there could be a drop down to the $26,888 support level, resulting in a drop to the $26,000 area.

On the weekly time frame, if prices fail to break out of the resistance level and remain below the $27,757 mark, the market would be subject for a significant downward move. This has the potential to push prices downwards to the $24,500 to $25,000 area until mid-May.

At the moment, investors are hopeful of a strong performance from BTC, given the rise in adoption of decentralized finance and the increasing number of businesses embracing cryptocurrency as a valid payment option. It will be interesting to see how the market reacts in the coming days, weeks, and months.



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