BTC Price Plans Revisit to $28500 Mark; will it hold?

The Bitcoin(BTC) price has been resonating within a closed range for more than three weeks, stretching from $33000 to $28500. However, a recent reversal from the overhead resistance has tumbled the coin price 9.42% lower and pulled it closer to the bottom support of $28500.

Key points: 

• The BTC price weekly chart shows a long tail rejection candle at $28500
• The Rising RSI slope shows a steady rise in bullish momentum.
• The intraday trading volume in the Bitcoin is $30.02 Billion, indicating a 29.5% loss

Source-Tradingview

The Bitcoin(BTC) price has witnessed a gradual downfall since early April and plummeted to a low of $26,350. This downtrend registered a 44.54% fall considering the last swing high of $48068.

Anyhow, the BTC buyers maintained their support at the $28500 mark and started to walk a lateral path. During the first three-week of consolidation, the coin price formed a descending triangle pattern, and a bullish breakout from its trendline drove it to $33000 resistance.

However, the triangle breakout wasn’t enough to surpass the overhead resistance resulting in the continuation of the range-bound rally. Furthermore, the BTC price recently turned down from the $33000 mark and reflected a possibility to revisit the $28500 support.

Additionally, no significant support is present between the current price of $29495 and the bottom support, indicating a straight path to $28500. However, this support may replenish the bullish momentum as the weekly chart presents several lower price rejection candles.

Technical indicator-

The RSI slope forming a constant higher high despite a lateral walk price action foretell an upcoming breakout from the $33000 mark.

The Bollinger band indicator has narrowed its range, accentuating a sideways rally. Therefore, a possible breakout needs to surpass dual resistance consisting of the price level and this indicator’s upper band.

• Resistance level- $30600, and $33000
• Support level- $28500 and $26700