Bitcoin bulls encircle $28K as trader says ‘big’ buyer must step in
Bitcoin bulls are looking to reclaim the $28,000 level, but a trader says a “big” buyer must step in to help them break through resistance.
Bitcoin (BTC) has been hovering around the $28,000 level for the past few days, as bulls and bears battle it out for control. The bulls are looking to reclaim this key level, which would open up the door for further upside. However, the bears are putting up a stiff fight, and a trader says that a “big” buyer will need to step in to help the bulls break through resistance.
On the technical front, crypto market today is facing resistance at the $28,000 level and the 200-day moving average (MA). If the bulls can manage to break through these levels, Bitcoin could see a further rally to the $30,000 level. However, if the bears are successful in defending these levels, Bitcoin could see a pullback to the $26,000 level.
Popular trader Skew says that Bitcoin is still trading $28,000 as resistance, and that it will require a “big” spot buyer to crack that area. He also notes that perpetual traders are shorting every low timeframe (LTF) bounce into $28,000.
Another trader, Daan Crypto Trades, cautions against going short Bitcoin should a sudden breakout occur, as this could form the start of further upside. He also notes that Bitcoin has often seen a weekend breakout at the $28,000 level, which tends to not retrace as easily as it otherwise would.
What to watch for
Investors will be watching closely to see if Bitcoin can break through the $28,000 level. If it can, this could be a sign that the bulls are gaining control and that a further rally is in the cards. However, if Bitcoin is unable to break through this level, it could be a sign that the bears are still in control and that a pullback is on the horizon.
Other factors to consider
In addition to technical analysis and trader sentiment, there are a number of other factors that could impact Bitcoin’s price in the near term. These include:
Geopolitical uncertainty: The ongoing conflict in Ukraine and other geopolitical tensions could weigh on Bitcoin’s price.
Macroeconomic factors: Rising interest rates and inflation could also have a negative impact on Bitcoin’s price.
Institutional adoption: Continued institutional adoption of Bitcoin could help to boost its price.
Bitcoin bulls are looking to reclaim the $28,000 level, but a trader says a “big” buyer must step in to help them break through resistance. Investors will be watching closely to see if Bitcoin can break through this key level, as it could be a sign that the bulls are gaining control and that a further rally is in the cards.
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Here is some additional information on the topic of crypto markets news bulls encircling $28K:
What is Bitcoin? Bitcoin is a decentralized digital currency that can be used to send and receive payments without the need for a bank or other financial institution.
What are Bitcoin bulls and bears? Bitcoin bulls are investors who believe that the price of Bitcoin will go up in the future. Bitcoin bears are investors who believe that the price of Bitcoin will go down in the future.
What is resistance? Resistance is a price level where sellers are more likely to sell than buyers are to buy. This can create a downward pressure on the price.
What is a breakout? A breakout is when the price of an asset moves through a resistance level. A breakout can be a sign that the bulls are gaining control and that a further rally is in the cards.
What is a pullback? A pullback is when the price of an asset declines after a breakout. Pullbacks are often normal and healthy, but they can also be a sign that the bears are gaining control.