Bitcoin briefly touches $28,000 again, but can it rally past?

Bitcoin’s short-term holders have held on to their supply, despite the coin’s brief stint at $28,000. Should this continue, BTC’s price might be able to surge past this new resistance level.price briefly reclaimed the $28,000 price point during the intraday trading session on 5 October, but it remains to be seen whether or not the coin can rally past this new resistance level.BTC short-term holders are investor cohorts who have held their coins for less than 155 days.

The analyst added further that if these investors “maintain their Bitcoin holdings without transferring to exchanges, there’s a high chance of prices rising. Conversely, if transfers increase, a price drop might be imminent.”Following BTC’s price descent below $27,500, its Chaikin Money Flow , which attempted a cross over above the zero line during the trading session on 5 October, resumed its downtrend.

At press time, the indicator returned a negative value of -0.05, suggesting some weakness in the BTC market. This showed considerable liquidity has exited the market in the last 24 hours. Despite this, coin accumulation remained steady. The Relative Strength Index and Money Flow Index , with respective values of 57.13 and 67.65, depicted this.Moreover, as gleaned from the coin’s Directional Movement Index , BTC’s buyers remained in control of the coin’s spot markets.

At press time, the positive directional indicator at 29.12 rested above the negative directional indicator at 10.22. This signaled that the buyers’ strength exceeded the sellers.Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

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