Bitcoin Prices Face ‘Severe Resistance.’ These Are the Levels to Watch.

📆 10/10/2023 4:30 AM
📰 MarketWatch

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Expect cryptos to move with the stock market in a busy week for macroeconomic data. But technical elements also could be a factor.

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.

“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.”

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