The world’s largest cryptocurrency Bitcoincontinues to remain resilient in the week when important economic data will be announced.
So much so that the tension between Israel and Hamas and Ethereum Foundation sells 1,700 ETH BTC and created a selling pressure on altcoins.
At this point, while the bulls liquidated over $100 million in long positions with the decline, Bitcoin fell to the level of $27,200.
However, BTC proved more resilient compared to altcoins and struggled to maintain an important support level at $27,500.
largest other than BTC altcoin ETH about 3%, XRP 3% and Solana (LEFT) decreased by approximately 5%.
While investors were wondering in which direction BTC would move amid the uncertainties in the crypto market, FxPro analysts evaluated Bitcoin’s movements.
Analysts speaking to Coindesk Bitcoin Stating that they expect an increase for BTC, he said that it should break $ 28,000 before it starts to rise.
“Technically, Bitcoin remains in an uptrend, but it encountered resistance at the 200-day moving average over the weekend.
Therefore, all eyes are on whether BTC can successfully consolidate above the 200-day moving average of $28,000.
“If this breakdown occurs, we can expect a rapid rise in Bitcoin up to $29,500.”
*This is not investment advice.
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