\nBitcoin Price Prediction: The newfound supply pressure hints BTC price could revisit $28000; is this dip worth buying?\t\t\t\t<\/p>\n
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Bitcoin Price Prediction: The BTC Price recovery<\/a> is encountering strong resistance around the $30,000 mark, as evidenced by short-body candles and higher wicks in the daily time frame. Within a week, the buyers witnessed several failed attempts to breach the psychological level, indicating the overhead supply was aggressive. As the sellers continue to defend this coin is poised for a minor pullback before making the next leap.\u00a0<\/span><\/p>\n <\/p>\n Also Read: Bitcoin (BTC) Price Forms Support as $30K as Dominance Returns to Multi-Year High\u00a0<\/a><\/p>\n The Bitcoin price<\/a> recovery picked up momentum after giving a decisive breakout from the downsloping monthly resistance on October 16th. The post-breakout rally pushed the coin price from $28,000 to the current trading price of $30,000, registering a 6.5% jump.\u00a0<\/span><\/p>\n However, the recovery trend has witnessed a major roadblock around $30,000 evidenced by a higher price rejection candle in the daily chart. This overhead supply pressure could trigger a minor pullback and push the BTC price to the previously breached resistance of $28600.\u00a0<\/span><\/p>\n Interestingly, the BTC price had witnessed two similar pullbacks recently, and it never plunged below the 61.8% Fibonacci retracement level.<\/a><\/span><\/p>\n<\/blockquote>\n Thus, for the anticipated pullback, the $28,633 and $27,000 stand as crucial support that could bolster buyers for higher recovery. The post-correction rally would likely surpass the $30000 mark and hit a July 13th high of $32000.<\/span><\/p>\n <\/p>\n In a comparative analysis spanning the last six months, Bitcoin and Ethereum have displayed different price behaviors. While the Ethereum price has been in a correction phase characterized by lower highs and lower lows, the BTC price has managed to maintain a more stable, sideways trajectory which suggests a better position for a recovery trend.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nWill BTC Price Recovery Hit $32000?<\/b><\/h2>\n
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![\"Bitcoin](\"https:\/\/s3.tradingview.com\/snapshots\/o\/onylG81p.png\")
Source-<\/span>Tradingview<\/span><\/p>\n\n
BTC vs ETH Performance<\/b><\/h2>\n
![\"BTC](\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/10\/image_2023-10-22_21-00-14-e1697988882311.png\")
Source: Coingape| Bitcoin Vs Ethereum Price<\/span><\/p>\n\n
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