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The Bitcoin price is currently trading around a very key support region on the Daily timeframe. The price has tested this region on numerous occasions throughout this year and has been unable to break through.
This $28k support also served as a strong base for Bitcoin buyers during the crypto rally to the $65k ATHs and might do so again in the coming days!
If this support holds again, we might see history repeat itself as momentum and bullish pressure might likely come back into the market and push the Bitcoin price higher in the coming days.
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Could This Be The Trend Changer For Bitcoin?
Ever since the sharp drop from the $65k ATHs, the bearish momentum in Bitcoin has gradually been losing steam. And right now, we are seeing prices just trade sideways most times.
This Bitcoin ranging market gives us an indepth understanding as to what traders are thinking and right now most traders are thinking Bitcoin might just be oversold!
But the big question crypto traders are asking is: Is this the right time to be buying the deep?
Key Levels To Watch!
The key level to watch is that Daily $28k support. If the bulls want to take control of this trend they need to hold the $28k support at all costs.
A break of this support could see the sharp sell-off in the Bitcoin price resume again. That sell-off could push Bitcoin even lower to the $18k region!
The Bitcoin bulls are showing a steady growing strength as the day goes by. This growing strength is pushing both the technical analysis and traders sentiment more into the bullish territory.
If we can see the bullish momentum growth continue Bitcoin might rally massively soon! But for that to happen, the Bitcoin $28k daily support must hold!
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