Why Bitcoin Bulls Have 48 Hours To Defend This Key Level | Bitcoinist.com

Bitcoinist
Bitcoinist

29 Jun 2023 12:05 AM

By the time you’re reading this, Bitcoin will have closed its daily candle, leaving only 48 hours or less to defend a key level....

  • Bitcoin is facing pressure to defend a key level as the monthly, quarterly, and higher timeframe close approaches.
  • There is a specific technical level that must be defended, which is the 2020 yearly close and the 2021 yearly open.
  • Yearly opens and closes act as high timeframe support and resistance, and reclaiming this level is crucial for continuation.
  • The price Bitcoin opened at in 2021, around $28,888, is currently acting as resistance, and bulls are hoping to flip it back to support.
  • Closing above $28,888 on the 6-month, 3-month, and monthly charts within 72 hours is imperative.

The article discusses the importance of defending a key level for Bitcoin and the potential implications for the cryptocurrency market. It highlights the significance of yearly opens and closes as high timeframe support and resistance. The sentiment is focused on the need for bulls to reclaim the specific technical level and the potential for a run back towards former all-time highs.

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You May Ask

What is the key level that Bitcoin bulls must defend?Why are yearly opens and closes important in technical analysis?What is the current price level acting as resistance for Bitcoin?What is the timeframe for closing above $28,888 that is considered imperative?What are the potential implications for the cryptocurrency market if the key level is successfully defended?

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