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.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.