Bitcoin (BTC) Price Analysis: Price Pumping Once Again (28-Jul)

7:56 am, Thu, 28 July 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $23,000 mark and is looking quite bullish on the lower timeframes. The price jumped more than 8% after the breakout last night and is again looking healthy once again. The next resistance BTC needs to get above is the $23,800 mark. It is the area where the price faced strong rejection a week ago, and breaking above it could give Bitcoin another push. Let’s take a quick look at the latest Bitcoin charts to see where the price could be headed in the immediate short term.

Bitcoin (BTC) Price Analysis 28-07-2022

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Analyzing the Charts

The support level we were previously watching for Bitcoin was the $20,600 mark which has held the price in the recent past as well.

Bitcoin Price Analysis 28-07-2022

Now, as the price move towards the $23,800 mark, the new support we will be watching for Bitcoin is the $20,100. This area has also acted as both resistance and support in the past, and the price can retest before making another move towards the upside.

BTC Price Analysis 28-07-2022

If the price manages to break above $23,800 in the coming days, then we will be quite bullish on Bitcoin. The next target we will be eyeing in that scenario is the $26,600 mark which we have mentioned in our previous analyses as well.

Bitcoin (BTC) Price Analysis 28-07-2022

It is the area that was holding as support in June before the price crashed towards the lower levels.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is looking quite bullish at the moment and could continue towards the $26,000 mark in the coming days. As mentioned in our previous analyses, a move towards the $26,600 mark is also possible before Bitcoin jumps towards another correction. Right now, we are watching the price closely and will be interested in placing a long trade if the price breaks above $23,800 convincingly.

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