{"id":138472,"date":"2023-09-02T03:45:33","date_gmt":"2023-09-01T22:15:33","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=138472"},"modified":"2023-09-02T03:45:33","modified_gmt":"2023-09-01T22:15:33","slug":"bitcoin-support-levels-to-watch-as-btc-price-aims-at-28k-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-support-levels-to-watch-as-btc-price-aims-at-28k-crypto-news\/","title":{"rendered":"Bitcoin support levels to watch as BTC price aims at $28K – Crypto News"},"content":{"rendered":"

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Bitcoin (BTC<\/a>) is struggling to avoid further losses this week as an extended sideways trading period risks ending in a breakdown.<\/p>\n

BTC price action, long constricted by resistance above $30,000, is looking increasingly unstable, data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0shows.<\/p>\n

The latest Federal Reserve minutes served to sharpen Bitcoin bears\u2019 game on their release on Aug. 16, with buyside interest declining to send BTC\/USD to near two-month lows of $28,300.<\/p>\n

Given the narrow trading range in place since June, the drop was significant, even if totaling less than $1,000 in U.S. dollar terms.<\/p>\n

Now, traders and analysts are preparing for further support retests, including levels not seen since earlier in the year.<\/p>\n

BTC\/USD 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Classic Bitcoin bear market lifeline back on the map<\/h2>\n

The top to near $28,000 has placed major long-term trend lines back in focus for Bitcoin market observers.<\/p>\n

Among these is James Straten, research and data analyst at crypto insights firm CryptoSlate. For him, both the 200-day and 200-week simple moving averages (SMAs) are the lines in the sand for bulls.<\/p>\n

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#Bitcoin<\/a> support levels now become
200 DMA: $27,250
200 WMA: $27,320 pic.twitter.com\/biT8OCqhNG<\/a><\/p>\n

\u2014 James V. Straten (@jimmyvs24) August 17, 2023<\/a><\/p><\/blockquote>\n

The 200-week SMA is a classic support line during periods of downward BTC price pressure, and losing it is a phenomenon characterizing the pit of Bitcoin bear markets. <\/p>\n

2022, however, saw Bitcoin\u2019s longest-ever spell<\/a> below the 200-week SMA.<\/p>\n

This month, analysis predicted that holding the key trend line would be one factor allowing BTC price performance to flip “full bull” next month<\/a>.<\/p>\n

BTC\/USD 1-week chart with 200 SMA. Source: TradingView<\/em><\/figcaption><\/figure>\n

Trend line cluster lurks above $27,000<\/h2>\n

The significance of the current Bitcoin spot price range becomes apparent when taken from the perspective of support trend lines.<\/p>\n

Various trend lines, including simple (SMAs) and exponential (EMAs) moving averages, now form a cluster between $27,000 and $28,600.<\/p>\n

\n

A bundle of bull market EMAs and MAs just reside below current price of Bitcoin. Will these EMAs and MAs continue act as a support for Bitcoin in coming days\/weeks? pic.twitter.com\/6RdCAhDA85<\/a><\/p>\n

\u2014 Dalvir (@CryptoDalvir) August 17, 2023<\/a><\/p><\/blockquote>\n

As Cointelegraph reported<\/a> earlier in the day, the short-term 100-day SMA is currently being tested as support as part of the Aug. 17 daily candle.<\/p>\n

$28,000 still “heavy” BTC price support<\/h2>\n

As a psychological foundation, meanwhile, $28,000 remains firmly intact in the eyes of the market. <\/p>\n

Related:\u00a0Bitcoin speculators now own the least BTC since $69K all-time highs<\/a><\/em><\/strong><\/p>\n

For popular trader CryptoCon, there remains little need to worry over a significant crash any lower, and other \u201cbullish supports\u201d should hold out against bears, as well.<\/p>\n

\u201cBitcoin drops a whopping 700 dollars and bears are euphoric. Meanwhile, healthy bullish supports are completely intact,\u201d part of an X post on the day stated.<\/p>\n

\u201c$28,000 remains heavy support on all time frames. Will these bullish supports hold? I think so!\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: CryptoCon\/Twitter<\/em><\/figcaption><\/figure>\n

CryptoCon built on an existing comparison to BTC price in 2015-2016, when the market was preparing the ground for a bull run to its last cycle\u2019s $20,000 peak.<\/p>\n

\n

I wasn’t there, but I’m sure every sideways grind and drop to the 111DMA on the Pi-Cycle Top during 2015-16 felt like the end.<\/p>\n

But guess what happened?#Bitcoin<\/a> just kept on going<\/p>\n

Are we Parabolic?…. nope \u274c
Bull Market?…. yes!\u2714\ufe0f<\/p>\n

Looks like a healthy retest to me! pic.twitter.com\/UdXAhLv8RO<\/a><\/p>\n

\u2014 CryptoCon (@CryptoCon_) August 16, 2023<\/a><\/p><\/blockquote>\n

Magazine: Deposit risk: What do crypto exchanges really do with your money?<\/a><\/em><\/strong><\/p>\n

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.\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) is struggling to avoid further losses this week as an extended sideways trading period risks ending in a breakdown. BTC price action, long constricted by resistance above $30,000, is looking increasingly unstable, data from Cointelegraph Markets Pro and TradingView\u00a0shows. The latest Federal Reserve minutes served to sharpen Bitcoin bears\u2019 game on their release […]<\/p>\n","protected":false},"author":2,"featured_media":138473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-138472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=138472"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138472\/revisions"}],"predecessor-version":[{"id":148066,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/138472\/revisions\/148066"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/138473"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=138472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=138472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=138472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}