Bitcoin support levels to watch as BTC price aims at $28K

Bitcoin (BTC) is struggling to debar further losses this week arsenic an extended sideways trading play risks ending successful a breakdown.

BTC terms action, agelong constricted by absorption supra $30,000, is looking progressively unstable, information from Cointelegraph Markets Pro and TradingView shows.

The latest Federal Reserve minutes served to sharpen Bitcoin bears’ crippled connected their merchandise connected Aug. 16, with buyside involvement declining to nonstop BTC/USD to adjacent two-month lows of $28,300.

Given the constrictive trading scope successful spot since June, the driblet was significant, adjacent if totaling little than $1,000 successful U.S. dollar terms.

Now, traders and analysts are preparing for further enactment retests, including levels not seen since earlier successful the year.

BTC/USD 1-day chart. Source: TradingView

Classic Bitcoin carnivore marketplace lifeline backmost connected the map

The apical to adjacent $28,000 has placed large semipermanent inclination lines backmost successful absorption for Bitcoin marketplace observers.

Among these is James Straten, probe and information expert astatine crypto insights steadfast CryptoSlate. For him, some the 200-day and 200-week elemental moving averages (SMAs) are the lines successful the soil for bulls.

#Bitcoin enactment levels present become
200 DMA: $27,250
200 WMA: $27,320 pic.twitter.com/biT8OCqhNG

— James V. Straten (@jimmyvs24) August 17, 2023

The 200-week SMA is simply a classical enactment enactment during periods of downward BTC terms pressure, and losing it is simply a improvement characterizing the pit of Bitcoin carnivore markets.

2022, however, saw Bitcoin’s longest-ever spell beneath the 200-week SMA.

This month, investigation predicted that holding the cardinal inclination enactment would beryllium 1 origin allowing BTC terms show to flip "full bull" adjacent month.

BTC/USD 1-week illustration with 200 SMA. Source: TradingView

Trend enactment clump lurks supra $27,000

The value of the existent Bitcoin spot terms scope becomes evident erstwhile taken from the position of enactment inclination lines.

Various inclination lines, including elemental (SMAs) and exponential (EMAs) moving averages, present signifier a clump betwixt $27,000 and $28,600.

A bundle of bull marketplace EMAs and MAs conscionable reside beneath existent terms of Bitcoin. Will these EMAs and MAs proceed enactment arsenic a enactment for Bitcoin successful coming days/weeks? pic.twitter.com/6RdCAhDA85

— Dalvir (@CryptoDalvir) August 17, 2023

As Cointelegraph reported earlier successful the day, the short-term 100-day SMA is presently being tested arsenic enactment arsenic portion of the Aug. 17 regular candle.

$28,000 inactive "heavy" BTC terms support

As a intelligence foundation, meanwhile, $28,000 remains firmly intact successful the eyes of the market.

Related: Bitcoin speculators present ain the slightest BTC since $69K all-time highs

For fashionable trader CryptoCon, determination remains small request to interest implicit a important clang immoderate lower, and different “bullish supports” should clasp retired against bears, arsenic well.

“Bitcoin drops a whopping 700 dollars and bears are euphoric. Meanwhile, steadfast bullish supports are wholly intact,” portion of an X station connected the time stated.

“$28,000 remains dense enactment connected each clip frames. Will these bullish supports hold? I deliberation so!”

BTC/USD annotated chart. Source: CryptoCon/Twitter

CryptoCon built connected an existing examination to BTC terms successful 2015-2016, erstwhile the marketplace was preparing the crushed for a bull tally to its past cycle’s $20,000 peak.

— CryptoCon (@CryptoCon_) August 16, 2023

Magazine: Deposit risk: What bash crypto exchanges truly bash with your money?

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.