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Home » Bitcoin is struggling not to lose the USD 28,000 support

Bitcoin is struggling not to lose the USD 28,000 support

Bitcoin (BTC) price fell to $27,700 last night, its lowest level in 7 days, and has recovered above $28,000 today. However, this morning to date it has bounced back slightly from this level, showing that the market is struggling to hold this support zone (below).

This comes after the bitcoin price touched the one-month minimum of $27,000 last week. Therefore, if the market fails to hold the $28,000 area as support, it could retest such a figure as a floor.

Bitcoin price briefly derailed from $28,000 this week. Source: TradingView.

$27,000 has proven to be solid support for the cryptocurrency several times from mid-March to April. Therefore, it would not be alien to him to try again in this field. However, if it dips lower, its next bottom could be around $25,000, a key point it has witnessed this year.

In February and March, $25,000 was the major resistance Bitcoin encountered, i.e. the peak price it failed to overcome. According to technical analysis, strong resistances sometimes become support points later. Hence, this is another level to keep an eye on.

If BTC falls, it could bottom at its former $27,000 support or $25,000 resistance. Source: TradingView.

At least that’s what various market analysts from CriptoNoticias report They are not yet ruling out the possibility of forming a firm bottom in the $27,800 and $28,300 area. Among them are Michaël van de Poppe and Crypto Tony who believe that if the bitcoin price manages to hold support there, it would play higher today. And their eyes are now on the FOMC, the meeting of the Fed (United States Federal Reserve) that will set interest rates on May 3rd and could create high volatility in the markets.

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