3 reasons why Bitcoin traders anticipate BTC price to briefly sweep the $27.5K level
Overhead resistance levels continue to constrict Bitcoin price expansion, leading some analysts to forecast a brief sweep of the $27,500 level. After having a spectacular first half of 2023, Bitcoin (BTC) price appears to have stalled out, being stuck in a range between $29,000 and $31,500. There could be reason to believe that in the near-term, the price of Bitcoin will tend to trade sideways or to the downside. This thesis can be based on three factors, with two of them involving technical analysis and the third involving fundamentals. Bitcoin price resistance at $32,000 has been holding strong Charles Edwards, founder of Capriole Investments, recently released a market update in which they note the significant resistance Bitcoin has failed to break through at the $31,000 to $32,000 level. “Bitcoin is trading into the most significant resistance on the chart, $32K. Despite a swath of positive news stories over the last month for the crypto industry; from the Blackrock ETF announcem...