Bitcoin has so far experienced a strong run of rises in 2020, yet the recent rejection at the $28,800 highs could signal that bullish movement has been halted. Despite today's decline, price indicators such as MACD and RSI remain bullish, signaling that Bitcoin is by no means done with its bullish run.

Despite rejected at the $28,800 level, the price of Bitcoin has stayed relatively resilient, and has failed to break the immediate support level at $27,800. The price has so far been consolidating around the $28,000 to $28,200 levels, with a bearish trend line forming with resistance near $28,300. In order to continue its bullish push, Bitcoin must break and stay above this trend line.

Another key hurdle to clear is at the $28,400 and $28,800 resistance. According to technical indicators, Bitcoin will be heavily tested and should be able to break and stay above these levels in order to gain further upwards momentum and head towards the $30,000 benchmark. This is of course easier said than done and if the price drops below the immediate support at $27,800, it could start another decline towards the $27,550 support zone and potentially even lower.

At the moment, Bitcoin's bulls appear extremely confident, which could be attributed to the rising transaction speed and monetary policy trends. Alongside the high prices, it is likely that these factors have contributed to the bullish sentiment on the market. The biggest challenge Bitcoin will now face is the resistance it will encounter at $28,400 and $28,800, making it vital that these two levels be broken in order to test the all-important threshold of $30,000.



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