- Bitcoin price declined below $30,000 and is currently trading near $29,480.
- Crypto analyst Rakyat Capital says that BTC price could decline below $28,800 to establish itself as a key support area.
- BTC price surged above $31,000 last week after struggling to break above the anticipated buffer zone.
Bitcoin is trading around $29,479, down almost 3% over the past 24 hours and now only up 4% over the past seven days. After trading higher above $3,100 and then correcting towards the current levels, the market may have to prepare for a test of $28,800.
This is today’s bitcoin price forecast shared Crypto analyst by Rekt Capital.
Bitcoin price could decline to $28,800 in a key area
Bitcoin price sees a nice flip in 2023, following a retracement to the low of $15,500 following the market collapse following the FTX debacle. BTC recovered over 80% as it bounced above the post-death bear cross retracement.
According to Rekt Capital, the rally to the $30,000 area had BTC trending in an area that previously acted as a stubborn resistance as well as a support area on the monthly chart. The bulls managed to break the wall of supply last week, but $28,800 was equally tenacious and despite a decent weekly close above the zone, a fresh decline to the level is likely.
Such a retest could be just what the buyers need to strengthen it as a demand reload zone. Rekt says that a successful retest of the level could re-energize the bulls for another upward move.
#B T c Enjoys a solid weekly close above ~$28800 support (orange)
If this current dip were to go deeper, it would be perfectly healthy. $BTC ~28800 to retest
After all, that level was a multi-week resistance and may now have a chance to become support.#crypto #bitcoin https://t.co/ZUMHMa7ukR pic.twitter.com/PCAzaIkAvV
— Rekt Capital (@rektcapital) April 17, 2023