How Bitcoin treats $28,000 — a “critical” BTC price point — is key, says a new analysis.
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 the BTC price.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.“The crypto market is hinged on BTC’s ability to breach and consistently maintain a value north of $28k,” part of their commentary stated.
$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.from the trading suite DecenTrader, among others, confirms that the status quo remains despite recent BTC price moves, with $28,000 lying in a zone between major longs and shorts of varying leverage.
“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.”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.
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