Bitcoin

April

<div class="sg-post-des">
 Bitcoin is at a "critical milestone" as BTC price tackles the $28,000 mark, say the co-founders of Glassnode.
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<div class="cointelegraph">
 <p>Bitcoin (BTC) passing $28,000 hints at bullish sentiment, but reclaiming it for good is essential, <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> says.</p>
 <p>In an X post on Oct. 17, Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, described the $28,000 mark as a “critical milestone” for BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>.</p>
 <h2 id="glassnode-keep-an-eye-out-for-28-000">Glassnode: "Keep an eye out" for $28,000</h2>
 <p>After snap volatility, which caused Bitcoin to hit $30,000 for the first time since August, the largest cryptocurrency has managed to preserve some of its gains.</p>
 <p>At the time of writing, BTC/USD is circling $28,500, per data from Cointelegraph Markets Pro and TradingView — still up around 6% since the weekly open.</p>
 <p>For Allemann and Happel, the pair is now at a defining crossroads.</p>
 <p>“The crypto market is hinged on BTC's ability to breach and consistently maintain a value north of $28k,” part of their commentary stated.</p>
 <p>$28,000 has formed a battleground ever since Bitcoin first crossed it in early 2021, and liquidity has traditionally surrounded it as bulls and bears fight to secure control over long-term trajectory.</p>
 <p>Data from trading suite DecenTrader among others confirms that the status quo remains despite recent BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> moves — $28,000 lies in a zone between major longs and shorts of varying leverage.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/17/9e4a18379fd0b81ecdefc3f131311e44.webp">
  <figcaption style="text-align: center;"><em>Bitcoin liquidity data. Source: DecenTrader</em>
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 <p>“While this pivotal milestone was momentarily attained on futures, the spot market <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> peaked at $27.98k earlier today. It's evident just how <a rel="noopener noreferrer nofollow" title="crucial" href="https://thebittimes.com/tag/crucial.html">crucial</a> this <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> point is in the larger scheme,” Allemann and Happel added.</p>
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  “The rapid movements and these price thresholds aren't just numbers. They signify investor sentiment, market dynamics. Keep an eye out for the 28k level.”
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 <figure><img src="https://cdn.thebittimes.com/images/2023/10/17/618812f8bec1a5f433b2848fbfab47b0.webp">
  <figcaption style="text-align: center;"><em>BTC/USD 1-day chart. Source: TradingView</em>
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 <h2 id="road-to-bitcoin-halving-contested">Road to Bitcoin halving contested</h2>
 <p>As Cointelegraph reported, predictions over what the future will bring for Bitcoin both before and after its next block subsidy halving in April 2024 differ considerably.</p>
 <p><strong><em>Related: Mining BTC is harder than ever — 5 things to know in Bitcoin this week</em></strong></p>
 <p>In an interview last month, DecenTrader co-founder Filbfilb eyed BTC price galvanizing itself for upside during Q4, possibly reaching $46,000 by the halving.</p>
 <p>Some well-known market participants, however, remain risk-averse. Among them, popular trader Crypto Tony and others are betting on a pre-halving return to $20,000 for a final local bottom.</p>
 <p>“Many can scream they are long right now and caught that move, but if your not taking profit here at resistance your doing something wrong,” he told X subscribers about the recent surge.</p>
 <blockquote>
  “I personally will not be long unless we flip that $28,500 level into support.”
 </blockquote>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/17/8a92a4ee912970baadea4de746d89cf5.webp">
  <figcaption style="text-align: center;"><em>BTC/USD annotated chart. Source: Crypto Tony/X</em>
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 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/btc-price-holds-6-gains-as-bitcoin-battles-for-crucial-28k-support-tbt66681.html">https://thebittimes.com/btc-price-holds-6-gains-as-bitcoin-battles-for-crucial-28k-support-tbt66681.html</a></p>

BTC price holds 6% gains as Bitcoin battles for 'crucial' $28K support

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