The Bitcoin Exchange Rate Has Overcome A Key Resistance Level

Newsbtc portal analysts have studied the cost of bitcoin (BTC) recently. They noted that it has been growing steadily for 2 weeks since July 28, 2022. All this time, the rate of the virtual currency was not in a bullish trend, but most of the time, it maintained an upward trajectory. This has hit above $24,000 today, rebounding from its key consolidation point and breaking through resistance.

As of 20:20 Moscow time, the rate of the virtual coin was $23,881, which is 10.76% higher than the same indicator a day ago. The market capitalization of the leading cryptocurrency reached $456.01 billion. This state of affairs led to the formation of new technical levels.

Strong support has formed at $23,000, analysts say. After the rate lost its support earlier and fell to $21,000, this level was reduced to $19,000, but now the situation has changed. The second key figure is $21,000, which is much stronger than the previous one.

Experts assured that for the digital asset to continue its bullish rally, its price needs to overcome the $25,000 mark, where there is currently the most resistance. If the accumulation continues and the level is passed, the next cut-off will be $28,000.

On the other hand, there is the option of depreciation. If the price goes down to $21,000 in the short term, then the price might drop to $19,700 and then $17,600.

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