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Bitcoin: Next target is 28k | Crypto Elite Int.

Bitcoin: Next target is 28k

Crypto Elite Int. > Blog > Blog > Bitcoin > Bitcoin: Next target is 28k

It’s a mixed start to the day for the majors. For the Bitcoin bulls, the next target is $28,000…

Bitcoin, BTC to USD, rallied by 6.85% on Saturday. Following on from a 4.11% gain on Friday, Bitcoin ended the day at $26,413.0.

SOURCE: FXEMPIRE

It was another mixed start to the day. Bitcoin fell to an early morning intraday low $24,489.0 before making a move.

Steering clear of the first major support level at $23,449, Bitcoin rallied to a late intraday high and a new swing hi $26,723.0.

Bitcoin broke through the first major resistance level at $25,396 and the second major resistance level at $26,073.

While easing back, Bitcoin avoided a fall back through the second major resistance level, holding onto the $26,000 handle through to the day end.

The near-term bullish trend remained intact, supported by the latest breakthrough to $26,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $12,680 to form a near-term bearish trend.

In the current week, the crypto total market cap slid to a Wednesday low $590.85bn before surging to a Saturday high $715.51bn. At the time of writing, the total market cap stood at $699.49bn.

Bitcoin’s dominance rose from a Monday low 66.74% to a Wednesday high of 71.14%. At the time of writing, Bitcoin’s dominance stood at 71.03%.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday.

Chainlink (-4.92%), Polkadot (-6.96%), and Ripple’s XRP (-7.60%) saw red to buck the trend on the day once more.

It was a bullish day for the rest of the majors, however.

Crypto.com Coin rose by 2.94% to lead the way.

BNB (+1.28%), Ethereum (+1.56%), and Litecoin (+1.48%) also found relatively strong support.

Bitcoin Cash SV (+0.02%) and Cardano’s ADA (+0.57%) trailed the front runners, however.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $25,875 to bring the first major resistance level at $27,261 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $26,723.0.

Barring an extended crypto rally, the first major resistance level and resistance at $27,500 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $28,000 before any pullback. The second major resistance level sits at $28,109.

Failure to avoid a fall through the $25,875 pivot would bring the first major support level at $25,027 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$25,000 levels. The second major support level sits at $23,641.

Disclaimer: Opinions expressed on Crypto-Elite are not investment advice. Investors should do their own researches before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. We do not recommend the buying or selling of any specific cryptocurrency or digital assets as we are not financial advisors.

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