Bitcoin support levels to watch as BTC price aims at $28K

Bitcoin (BTC) is struggling to avoid more losses this week as an extended sideways trading duration dangers ending in a breakdown.BTC cost action, long constricted by resistance above $30,000, is looking progressively unsteady, information from Cointelegraph Markets Pro and TradingView shows.The newest Federal Reserve minutes served to sharpen Bitcoin bears video game on their release on Aug. 16, with buyside interest decreasing to send out BTC/USD to near two-month lows of $28,300. Offered the narrow trading range in place since June, the drop was considerable, even if amounting to less than $1,000 in U.S. dollar terms.Now, analysts and traders are getting ready for additional support retests, consisting of levels not seen given that earlier in the year.BTC/ USD 1-day chart. Source: TradingViewClassic Bitcoin bear market lifeline back on the mapThe top to near $28,000 has actually positioned significant long-lasting trend lines back in focus for Bitcoin market observers.Among these is James Straten, research and data analyst at crypto insights firm CryptoSlate. For him, both the 200-week and 200-day simple moving averages (SMAs) are the lines in the sand for bulls. #Bitcoin assistance levels now become200 DMA: $27,250200 WMA: $27,320 pic.twitter.com/biT8OCqhNG— James V. Straten (@jimmyvs24) August 17, 2023

As Cointelegraph reported previously in the day, the short-term 100-day SMA is currently being tested as assistance as part of the Aug. 17 everyday candle light.” Bitcoin drops a massive 700 dollars and bears are blissful.”$ 28,000 remains heavy assistance on all time frames.

Source: TradingViewClassic Bitcoin bear market lifeline back on the mapThe top to near $28,000 has actually positioned significant long-lasting trend lines back in focus for Bitcoin market observers.Among these is James Straten, research and data analyst at crypto insights firm CryptoSlate. The 200-week SMA is a classic support line during durations of down BTC cost pressure, and losing it is a phenomenon characterizing the pit of Bitcoin bear markets. Source: TradingViewTrend line cluster lurks above $27,000 The significance of the current Bitcoin area rate range ends up being apparent when taken from the perspective of support trend lines.Various trend lines, consisting of easy (SMAs) and exponential (EMAs) moving averages, now form a cluster between $27,000 and $28,600. A package of bull market EMAs and MAs simply live below existing cost of Bitcoin. Will these MAs and emas continue act as a support for Bitcoin in coming days/weeks?

The 200-week SMA is a classic support line during durations of downward BTC price pressure, and losing it is a phenomenon characterizing the pit of Bitcoin bear markets. Source: TradingViewTrend line cluster prowls above $27,000 The significance of the current Bitcoin area price variety ends up being obvious when taken from the viewpoint of support trend lines.Various pattern lines, consisting of simple (SMAs) and exponential (EMAs) moving averages, now form a cluster between $27,000 and $28,600. Will these MAs and emas continue act as an assistance for Bitcoin in coming days/weeks?

Publication: Deposit danger: What do crypto exchanges truly do with your money?This post does not contain investment guidance or suggestions. Every financial investment and trading move includes risk, and readers must perform their own research when deciding.

Other Questions People Ask

What are the key Bitcoin support levels to watch as BTC price aims at $28K?

As Bitcoin (BTC) approaches the $28,000 mark, key support levels to monitor include the 200-day simple moving average (SMA) at $27,250 and the 200-week SMA at $27,320. These levels are critical for bulls, as they represent significant long-term trend lines that could influence BTC's price action. Traders should pay close attention to these support levels, as a breakdown below them could signal further bearish momentum.

How does the current trading range affect Bitcoin support levels as BTC price aims at $28K?

The current trading range for Bitcoin has created a cluster of support levels between $27,000 and $28,600, which includes various simple and exponential moving averages. This cluster is essential for maintaining upward momentum as BTC price aims at $28K. If Bitcoin can hold above these support levels, it may provide a foundation for a potential rebound; however, a drop below could lead to increased selling pressure.

What impact do the recent Federal Reserve minutes have on Bitcoin support levels as BTC price aims at $28K?

The recent Federal Reserve minutes have intensified bearish sentiment among Bitcoin traders, contributing to a decline in buy-side interest and pushing BTC closer to critical support levels around $28,300. This downward pressure highlights the importance of monitoring support levels like the 200-week SMA, as losing these could signify a deeper bear market. Traders should remain vigilant as these external factors can significantly influence Bitcoin's price trajectory.

Why are the 200-week and 200-day SMAs important for Bitcoin support levels as BTC price aims at $28K?

The 200-week and 200-day simple moving averages (SMAs) are vital indicators for Bitcoin's long-term trend and serve as crucial support levels. These moving averages have historically acted as lifelines during periods of downward price pressure, making them essential for traders to watch. If Bitcoin fails to maintain its position above these SMAs while aiming for $28K, it could indicate a shift towards a more prolonged bear market.