Bitcoin Struggles Against $28K Resistance, Yet Analyst Suggests Its Appeal As An ‘Unrelated Asset’ May Lead To Increased Prices
By Benzinga
The price of Bitcoin (CRYPTO: BTC) is once again grappling with the $28,000 resistance level.
What Happened: After a dip to just under $27,300 following the release of stronger-than-expected U.S. employment data, the world’s largest cryptocurrency quickly bounced back to just above the $28,000 mark, CoinDesk reported.
The price of Bitcoin was up about 1.5% over the last 24 hours, slightly lagging behind the broader CoinDesk Market Index’s (CMI) 1.6% gain.
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Meanwhile, Ethereum (CRYPTO: ETH), the second largest cryptocurrency, broke its losing streak against BTC, growing nearly 2% on the day. Major altcoins Avalanche (CRYPTO: AVAX) and Solana (CRYPTO: SOL) led the market rebound, with gains of 6% and 3.8%, respectively.
According to Rachel Lin, CEO of SynFutures, the $28,000-mark is acting as a heavy resistance level for Bitcoin. “A sustained break above $28,100 would be a positive sign and could lead Bitcoin to $30,000,” said Lin.
Lucas Outumuro, head of research at IntoTheBlock, noted that Bitcoin’s behavior during the recent bond sell-off is different from last year. “Many of the catalysts that brought BTC down in 2022 are no longer doing so,” Outumuro said.
Michael Silberberg, head of investor relations at AltTab Capital, suggested that Bitcoin’s recent stability could indicate its evolution towards a ‘digital gold’ narrative. He added that if Bitcoin maintains its tight trading range, it could attract more institutional inflows seeking uncorrelated assets.
Photo by AlyoshinE on Shutterstock
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