Impressive Rally Puts Bitcoin Above $24,000, But Is $28,000 Still Possible?
July 29 2022 - 1:00PM
NEWSBTC
Bitcoin has rallied once more above $24,000. This impressive rally
follows an intense week where the FOMC’s announcement has basically
shown that the United States is now in a recession. Investors had
flocked to the bitcoin off the back of the news, causing the
digital asset to surge immensely during this time. As the digital
asset has beat one important technical level, it remains to see if
it can beat another. Accumulation Triggers Rally There are a lot of
factors that usually trigger a rally, such as the one that has sent
the price of bitcoin soaring high. One of those has been a renewed
accumulation trend from investors who are flocking to the digital
asset to provide cover during uncertain economic times. Such a
rally, if it continues, can put the digital asset on a
well-established bull trend. Related Reading | Bitcoin Bounces
Off Consolidation Range, What Lies In Store? However, there are
still obstacles in the way of bitcoin. This means that even though
the digital asset continues to rise now, it could very well witness
a reversal trend that sends it spiraling back downwards. To avoid
such a fate, it is important that the sellers are completely cut
out, replacing these investors and traders with more determined
long-term holders. BTC's hold on $24,000 remains shaky | Source:
BTCUSD on TradingView.com Whales have been a subset that has been
trying to reverse the sell-offs. With the decline in bitcoin, it
had presented an opportunity for investors to increase their
holdings, and it was especially prominent among investors holding
between 100-1,000 BTC on their balances. Can bitcoin Reach $28,000?
Bitcoin’s recovery has put it on an impressive bullish path.
However, this bullish trend has not been fully established. It has
seen some obstacles along the way, and bears have begun to put up
resistance in the market. An example has been at the $24,000
level. Although bitcoin has been able to beat this level multiple
times, it continues to fight a hard battle to hold onto it. The
mounting resistance at this point has proven to be an important
level for bears to hold. Related Reading | Elevated Bitcoin
Open Interest Levels Puts Market In Vulnerable Position For the
cryptocurrency to reach $28,000, it would have to beat the
resistance at $24,000 and further at $25,000. Furthermore, there is
an expected resistance at $28,000, given that it was the yearly low
for bitcoin in 2021. However, if accumulation continues to ramp up
at the rate it is, the digital asset has a good chance of reaching
this high. Featured image from GoBanking Rates, chart from
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