Bitcoin Breakout Puts $28K in View
The cryptocurrency's swift move above a resistance level dating back to August 2022 has strengthened the case for a continued rally.
Mar 17, 2023 at 7:31 a.m. UTCUpdated Mar 18, 2023 at 4:41 p.m. UTC
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Having cleared a major resistance level during Friday's Asian trading hours, bitcoin (BTC) is looking north.
- The top cryptocurrency rose past $25,000, breaching the resistance dating back to August 2022 that also capped gains last month.
- The move has shifted the focus to the next technical hurdle above $28,000.
- "Bitcoin has now the chance to climb to the next technical level, which is situated at $28,000," Markus Thielen, head of research and strategy at crypto financial-services firm Matrixport, said.
- "Within larger price swings, bitcoin has rallied, reacted and retested from $4,000 point increments – $16k, $20k, and $24k – from which the current breakout is now targeting $28K," Thielen added.
- Wall Street's tech-heavy Nasdaq index rose 2.6% on Thursday, confirming a bullish pattern on the daily chart, according to chartered market technician Aksel Chibar. Bitcoin tends to move more or less in line with the rate-sensitive technology stocks.
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Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.