Bitcoin has been laterally trading for almost a week now. The coin has continued to remain under the $30,000 price level. The technical outlook of Bitcoin could be pointing at a turnaround in prices on the long term price chart.
On the short term price chart however, king coin’s price action remains quite bearish. At the time of writing, BTC has seemed to settle a slightly above the $28,000 support line. In the past 24 hours, the coin lost 1.2% of its value and in the last week, the coin posted some recovery.
After Bitcoin traded for $28,000, the bulls came to its rescue and have defended that level. This could be accounted to a positive change in price at the time of writing. The $28,000 support line is crucial for Bitcoin as a drop from that level could push the coin to $24,000 or even lower.
Bitcoin Price Analysis: One Day Chart
Bitcoin was trading at $29,000 on the one day chart | Source: BTCUSD on TradingView
The cryptocurrency was trading at $29,600 at the time of ..
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