Bitcoin (BTC) has reclaimed the $23,000 position after acting as a major resistance hurdle recently. As the asset attempts to build on its upward trajectory, investors are wondering if this new position signals a sustained rally or is just a temporary bull run.
In this line, crypto trader and analyst by the Twitter pseudonym of Thescalpingpro, on January 26 stated that Bitcoin hitting $28,000 remains in play, but the digital asset faces heavy resistance ahead.
Following the rally, the analyst suggested that Bitcoin bears remain in disbelief as they continue to short the cryptocurrency. However, he pointed out that the zone of $23,500 and $24,500 remain key areas to watch, as he believes breaching this area will push Bitcoin to $28,100.
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“Bitcoin price is near the range high, the entire $23.5k ~ $24.5k is a heavy resistance area. Bears are still shorting it and are in disbelief, won’t be surprised if it breaks out & it goes straight to $28.1k (without any HTF pullback),” he said.
What next for Bitcoin?
Although Bitcoin has mainly traded in the green zone, the asset and the overall market continue to face uncertainty, as the sector is operating in almost similar conditions that characterized the 2022 bear phase.
In terms of Bitcoin’s current trend, some analysts have pointed out that bullish sentiments might be prevailing for the maiden crypto. A Finbold report indicates that the asset is poised to realize the golden cross formation pattern. Under this pattern, Bitcoin’s 50-day moving average (MA) approaches crossing above the 200-day MA.
At the same time, analysts have also pointed out that Bitcoin is staring at a possible first-ever death cross on the one week chart, which spells a bearish sentiment. Interestingly, Thescalpingpro had observed that Bitcoin’s current price movement mirrors the 2015 trajectory, where BTC pumped 214% just before a death cross was about to be realized.
Bitcoin price analysis
By press time, Bitcoin was valued at $23,154, having rallied over 11% in the last seven days.
With Bitcoin remaining one of the biggest gainers of the year, the asset has witnessed sustained buying pressure, culminating in a market cap of about $444.10 billion.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
