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  • BTC could retest key $28,800 zone

    BTC could retest key $28,800 zone

    • Bitcoin price has dropped below $30,000 to currently trade near $29,480.
    • Crypto analyst Rekt Capital says BTC price could retest $28,800 and establish it as a major support area.
    • BTC price bounced above $31,000 last week, having struggled to break past the anticipated buffer zone.

    Bitcoin is trading around $29,479, about 3% down in the past 24 hours and now just 4% up in the past seven days. After trading to highs above $3,100 and then retreating to current levels, the market might have to brace for a retest of $28,800.

    That’s today’s Bitcoin price prediction as shared by crypto analyst Rekt Capital.  

    Bitcoin price at key area, with possible dip to $28,800

    Following a retracement to lows of $15,500 in the aftermath of the FTX debacle market rout, Bitcoin price saw a decent flip in 2023. An upswing off the post-death cross retracement of the bear market saw BTC recover more than 80%.

    According to Rekt Capital, the rally to $30,000 area had BTC trending at an area that has previously acted as a stubborn resistance as well as support zone on the monthly chart. Bulls managed to breach the supply wall last week, but the $28,800 was equally resolute and despite a decent weekly close above the zone, a fresh dip to the level is likely.

    Such a retest might be what buyers need to solidify it as a demand reload area. Rekt says a successful retest of the level could reenergize bulls for another upward move.

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  • Bitcoin price retests $29,300: consider this key metric

    Bitcoin price retests $29,300: consider this key metric

    • Bitcoin price has broken above $29k, testing the $29,300 zone.
    • On-chain data shows BTC holders are increasingly betting long on the asset.
    • A macro sentiment indicator suggests Bitcoin price is poised for a parabolic move.

    Bitcoin rose more than 4% on Monday to break above $29,300 again, with data showing the gains come amid a rising count of BTC holders.

    The week ahead is expected to be huge for the market in terms of the economic data releases. But even as the broader market awaits the US consumer price index report, Santiment says most trader in the Bitcoin market are increasingly looking at the asset as a long-term bet.

    It’s a trend likely to buoy a new upside momentum for bulls.

    Bitcoin price indicator in focus – the aSOPR

    According to Bitcoin analyst Ali on Twitter, BTC is primed for a parabolic ride given the outlook of one of Bitcoin’s macro market sentiment indicators.

    In a price forecast he shared as BTC entered last weekend in a tight range around $28k, the analyst pointed to the Adjusted Spent Output Profit Ratio (aSOPR). The potential movement is still in play as Bitcoin crossed above $29k again on Monday.

    “Another Bitcoin indicator hints at explosive growth! Historically, aSORP (90d) below 1 signals a bear market, & above 1 signals a bull market. In 2015, 2019 & 2020, it led to 6,110%, 150%, & 579% gains. aSORP recently moved above 1, suggesting $BTC readies to go parabolic,” the analyst noted.

    BTC/USD currently trades around $29,200 and bulls will want to have the stubborn supply zone at $30k locked up with a major breakout performance. 

    If not, the consolidation seen in the past several weeks and a possible dip below the range is likely.

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  • Bitcoin steadies below $17K, but this analyst recommends a key indicator for a reversal

    Bitcoin steadies below $17K, but this analyst recommends a key indicator for a reversal

    • Bitcoin was steady below $17,000 on Tuesday

    • A crypto analyst suggests a crossing of price above the 200-day as a bull signal

    • Bitcoin still lacks a directional movement, and further decline is possible

    Bitcoin (BTC/USD) traded slightly below $17,000 on Tuesday, initially losing an opportunity to claim $19,000. A technical outlook shows that BTC has successfully defended $16,000 against the bears, signalling a potential reversal zone. But as the price once again stabilises, one key analyst recommends that investors wait for a key bullish signal.

    Renowned crypto trader and analyst Kaleo tells Bitcoin enthusiasts to wait for a classic technical indicator for a bull market. According to him, Bitcoin initiates a bull market each time the price crosses above the 200-day moving average. He says although his strategy is simple, it has been a signature indicator on the BTC chart in its last cycles. Kaleo tells his followers to remain patient until the key signal pops up. 

    But the analyst holds the view that Bitcoin could fall further. He sees a scenario where BTC consolidates and then declines to another low in a bear market. Kaleo says a bullish spike could occur somewhere in June 2023.

    BTC gets rejected at the 50-day MA 

    BTC/USD Chart by TradingView

    On the technical front, BTC is steadying after a correction. The price was rejected at the 50-day MA, with the cryptocurrency lacking a directional bias in a bear market. The RSI has again fallen below the midpoint, signalling the entry of bears or bull exhaustion. 

    Applying the 200-day MA on the daily chart, BTC trades way below it. It could take several months to see the price crossing above it. 

    Which way is the BTC price?

    From the technical outlook, BTC price could struggle for a while before we see a sustained bullish surge. If, indeed, BTC will become bullish when the price crosses above the 200-day MA, then we could wait longer for it to happen. Still, there is no indication that the bear market is nearing an end, although bulls remain strong at $16,000.

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