Bitcoin

<![CDATA[<figure class="image"><img src="https://cimg.co/news/126654/334423/stability-3042271-1280.jpg" alt="" srcset="https://cimg.co/news/126654/334423/responsive-images/stability-3042271-1280___media_library_original_1280_711.jpg 1280w, https://cimg.co/news/126654/334423/responsive-images/stability-3042271-1280___media_library_original_1200_667.jpg 1200w, https://cimg.co/news/126654/334423/responsive-images/stability-3042271-1280___media_library_original_900_500.jpg 900w, https://cimg.co/news/126654/334423/responsive-images/stability-3042271-1280___media_library_original_720_400.jpg 720w, https://cimg.co/news/126654/334423/responsive-images/stability-3042271-1280___media_library_original_600_333.jpg 600w, https://cimg.co/news/126654/334423/responsive-images/stability-3042271-1280___media_library_original_300_167.jpg 300w" sizes="100vw" width="1280" class="content-img"></figure>Source: PixabayBitcoin prices have been trading north of $28,000 lately, as the cryptocurrency fluctuates within a reasonably well-defined range.&nbsp;The digital currency has experienced some minor price gyrations in the last few days, but it has remained stuck below $29,000, according to <a href="https://www.tradingview.com/chart/HoAHmrAQ/?symbol=COINBASE%3AETHUSD">Coinbase data provided by TradingView</a>.&nbsp;In light of these recent price movements, several analysts weighed in on where the cryptocurrency might go next, as well as the key levels of support and resistance it could encounter.&nbsp;Short-term technical analysis Some of the market experts who offered input for this particular article focused on the relatively near future when trying to get a solid handle on the key variables driving bitcoin's price movements.&nbsp;"Based on daily timeframes, the market is bearish overall after liquidity was swept in the 30k-28.5k range because of the FUD on Monday (Cointelegraph's misreporting of a Blackrock ETF approval)," said Joe Lee, CEO of cryptocurrency venture capital fund, on Meg.&nbsp;"The next key level to watch out for is at 27.5k for resistance and 26.5k as more liquidity is forming in that zone. A strong support level is needed in order for markets to turn bullish again."&nbsp;Tim Enneking, managing director of <a href="https://www.digital-capital-management.com/">Digital Capital Management</a>, also offered some helpful input. &nbsp;"In the short term, support is $28k, very strong resistance is $30k," he stated.&nbsp;Brett Sifling, an investment advisor for Gerber Kawasaki Wealth &amp; Investment Management, also weighed in.&nbsp;"In the short term, I think market participants are watching the $30,000 level that was proved as resistance this week," he stated.&nbsp;Armando Aguilar, an independent cryptocurrency analyst, also chimed in, stating that "BTC could see new bullish momentum if it clears the $28.5k resistance zone which was seen as consolidation ground."&nbsp;"The next upper key resistance levels would be above the $29.3k - $29.5k range," he added.&nbsp;Longer-term technical analysis&nbsp; Some of the market observers who provided technical analysis for this particular piece also viewed the situation using a broader time frame.&nbsp;"Longer term, the support at $28k is pretty weak; there is, however, quite strong support at $26k," said Enneking.&nbsp;"Resistance remains at the same level ($30k), but is much stronger over the longer term. $30k was broken to the downside in May 2021 and hasn&rsquo;t been broken meaningfully (by a large margin or for an extended period) since."&nbsp;Sifling also offered some perspective.&nbsp;"If Bitcoin can gain momentum over $30,000 and break this year&rsquo;s consolidated range of $32,000, it could suggest that longer term bullish momentum is resumingl," he stated.&nbsp;Contrary to this, if Bitcoin falls below the $25,000 support level that held in June and September, it could suggest that the bears are in control and $20,000 would be the next line in the sand to watch," aid Siflin.&nbsp;
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Technical Analysis: What Do Bitcoin Traders Need To Know Right Now?

Cryptonews.com

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