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The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/bitcoin/bitcoin-enters-the-28k-region-due-to-low-buying-pressure-will-bulls-take-charge-now/">Bitcoin Enters The $28K Region Due To Low Buying Pressure – Will Bulls Take Charge Now?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
After a series of days stuck under the $30K line, Bitcoin has finally shown a clear trend, though it’s not the one bulls <a href="https://coinpedia.org/price-analysis/attention-traders-bitcoin-is-all-set-to-undergo-a-pre-fomc-drop-are-we-heading-down/" rel="noopener noreferrer nofollow">were hoping for</a>. Bitcoin slipped below its monthly support of $29K, and it didn’t stop there, continuing to slide down to the $28.8K mark. This severe bearish swing led to a massive market liquidation today. However, analysts are viewing this as a prime opportunity to go long on Bitcoin’s price, with the aim of pushing it back up to $30K. 
<h2 class="wp-block-heading" id="bitcoin-records-massive-liquidation">Bitcoin Records Massive Liquidation&nbsp;</h2> 
Bitcoin experienced a drop today following a report by the Wall Street Journal that Binance’s CEO, Changpeng “CZ” Zhao, allegedly indicated in a private discussion that the cryptocurrency exchange’s affiliates had engaged in wash trading a few years back. Additionally, warnings from Chinese policymakers about a challenging economic recovery, without the promise of substantial stimulus, also contributed to the decline. 
Moreover, Bitcoin took the spotlight as funds tracking BTC reported outflows amounting to $13M. Meanwhile, products shorting Bitcoin continued to see outflows for the 13th consecutive week, totalling $5.5M. According to a report by CoinShares today, investors are beginning to prefer Ethereum over Bitcoin, as evidenced by the $6.6M of inflows into Ethereum. 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh6.googleusercontent.com/UCwp4rc3ogmp9VMH5YDGsPzV_K8AbZ3ifK2r1oN0hkZRCSPkN5yutkWjnAdzOs14IJlg1jylgLZcjarpynPKAnBSU7U43tje9mUzKfWyEiStdBpYHHgtraO01U2_h0cfAiylvFMqm7OYsjCcIORrIFs" alt=""> 
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According to Coinglass’s total liquidation chart, there was a significant surge today following the drop in BTC price to $29K. Both short and call holders experienced heavy liquidations, but long positions were the most affected, with the total amount surpassing $41 million.&nbsp; 
Conversely, put positions experienced a minor decrease in liquidation to $3 million. However, it’s worth noting that sellers had previously liquidated $10 million worth of holdings profitably when the BTC price nearly reached $30.1K. 
<h2 class="wp-block-heading" id="h-what-s-next-for-btc-price">What’s Next For BTC Price?</h2> 
Bitcoin has been consistently trading below the 20-day exponential moving average and created more distance today by dropping below the $29.5K level. However, a silver lining is that the bears failed to drive the price below $28,700.&nbsp; 
This indicates that the bulls are still in the game, purchasing at every slight drop. The bears’ repeated inability to drag the BTC price lower could <a href="https://coinpedia.org/price-analysis/bitcoin-price-analysis-btc-price-poised-for-35-rally-by-september/" rel="noopener noreferrer nofollow">potentially draw in buyers</a>. 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh6.googleusercontent.com/Ke6tEUcjLgyNVQkGzsQSnpBy_sMPcY_tKCFqwTdRmDFHFxnVXe-lkzAUcijnclqvbBpJB_ei3SIoyr-W1MMyXOJX2nAsS6t-HmU6QceZ9u9A-5aYxU11PcmuBbMDVpq4lr0phAMk5hehIKz3igGkarE" alt=""> 
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If the price surpasses the 20-day EMA, it might surge toward the immediate resistance at $30,200. A breakthrough above the $30,500 zone could pave the way for a potential rally to $31,800. 
Conversely, if the price drops and falls below $28.3K, it would signal a spike in bearish confidence. The price could then tumble toward the support level of $26,700. 
The moving averages on the four-hour chart are declining, and the relative strength index (RSI) has dropped to the overselling region, suggesting that the price may continue to witness volatility.&nbsp;

Bitcoin Enters The $28K Region Due To Low Buying Pressure – Will Bulls Take Charge Now?

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