Bitcoin prices remain above the $26,000 zone that had dominated for more than a month.
Dreamstime
Bitcoin
and other cryptocurrencies were little changed Tuesday as tokens swung alongside wider moves in risk-sensitive assets. Analysts are watching key technical levels in the wake of Bitcoin’s breakout from more than a month of stagnant trading.
The price of Bitcoin has risen less than 1% over the past 24 hours to $27,650. The largest crypto remains comfortably above the $26,000 zone that dominated for more than a month in a period of historically quiet trading, though Bitcoin has failed to retake its recent peak near $28,500 reached after a rally at the end of September.
“Another attempt by Bitcoin to break above $28,000 triggered a wave of selling that took the price back to $27,200 at the peak of the decline,” said Alex Kuptsikevich, an analyst at broker FxPro, on the last day of trading. “Technically, Bitcoin has established $28,000 as a severe resistance level but is not yet on a clear downward path.”
While Bitcoin is likely to move in step with other risk-sensitive assets this week—amid ongoing concerns around conflict in Israel and the outlook for interest rates—there are trends to watch outside swings in the
Dow Jones Industrial Average
and
S&P 500.
Having broken out from the zone around $26,000, Bitcoin bulls are hoping for a continuation of the rally but technical levels stand in the way.
“Bitcoin’s short-term rally has brought it into long-term resistance [around $28,100],” said Katie Stockton, managing partner at technical research firm Fairlead Strategies. “There is less upside momentum … we remain intermediate-term neutral given the recent oversold upturn … key support is near $25,200.”
Beyond Bitcoin,
Ether
—the second-largest token—was down less than 1% at $1,590. Smaller cryptos, or altcoins, were mixed, with
Cardano
less than 1% higher but
Polygon
dropping 2%. Memecoins were muted, with
Dogecoin
and
Shiba Inu
both trading around flat.
Write to Jack Denton at [email protected]
Read the full article here