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Bitcoin

<p style="text-align: justify">After testing the $28,000 level for a while, the price of <a href="https://en.coin-turk.com/bitcoin-is-ready-for-a-new-bull-market-says-former-ark-invest-president/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> has dropped back to the $27,500 range. The weekly close was at $27,917. The price reached as high as $28,580 but failed to hold the $28,300 support last week, leading to the current decline. Meanwhile, trading volumes have remained significantly low since mid-March.</p>
<h2 style="text-align: justify" id="bitcoin-btc-analysis">Bitcoin (BTC) Analysis</h2>
<p style="text-align: justify"><strong>The price of <a href="https://en.coin-turk.com/low-volatility-in-may-takes-its-toll-prospects-for-bitcoin-and-ethereum-in-june/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a></strong> dropped after strong employment data fueled concerns about the Federal Reserve tightening further, but quickly recovered. Currently, it seems to have paused its struggle to reclaim $28,000. At the time of writing, BTC was at $27,500 while waiting for the opening of US markets.</p>
<p style="text-align: justify">To interpret the short-term outlook, crypto analyst Skew examined the current order books. The direction of liquidity pressure can provide insights into the short-term movement of the price. The popular analyst stated the following:</p>
<blockquote>
 <p style="text-align: justify">“In the short term, we can clearly see that the market is still trading around $28,000 as resistance. Breaking through this area will require a significant spot buyer. Every jump to $28,000 in futures trading triggers the opening of short positions.”</p>
</blockquote>
<p style="text-align: justify"><img decoding="async" class="size-full wp-image-264700 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/10/Skew-Bitcoin-Grafigi.jpg" alt="" width="2555" height="780"></p>
<h2 style="text-align: justify" id="will-cryptocurrencies-rise">Will Cryptocurrencies Rise?</h2>
<p style="text-align: justify">While sharing his expectation for an upward movement, Skew emphasized the reaction in the resistance area and highlighted his pessimism. Daan <a href="https://en.coin-turk.com/the-current-situation-in-the-cryptocurrency-market-highlighted-cryptocurrencies-of-the-day/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto</a> Trades warned that if a sudden breakout occurs, it could catch short sellers off guard.</p>
<blockquote>
 <p style="text-align: justify">“Personally, with BTC sitting on this significant $28,000 level that has the Daily/Weekly 200MA, I wouldn’t be keen on shorting any deviation above it. We have often seen weekend breakouts at such levels, and they tend to not retreat as easily as they used to.”</p>
</blockquote>
<p style="text-align: justify">According to the analyst’s prediction, a surprise upward breakout could disappoint investors who see every price increase as an opportunity for short selling.</p>
<p style="text-align: justify">Michael Poppe, known for his optimism, also shared his thoughts. As one of the most followed <strong>crypto</strong> analysts, Poppe said:</p>
<blockquote>
 <p style="text-align: justify">“In my opinion, Bitcoin will continue its rise and has the potential to reach $30,000 as uncertainty increases worldwide.”</p>
</blockquote>
<p style="text-align: justify">Poppe previously predicted that the price would reach $30,000 this month.</p>
<div class="sorumluluk_reddi" style="text-align: justify"><strong>Disclaimer:</strong> This article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research before making any transactions.
</div> Continue Reading: <a href="https://en.coin-turk.com/bitcoin-price-drops-below-28000-whats-next/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitcoin-price-drops-below-28000-whats-next/</a>

Bitcoin Price Drops Below $28,000: What’s Next?

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