Bitcoin Price Drops To $28,200 – Is $28,000 The Floor?

Bitcoin has continued its descent on the price chart today, leading investors to speculate if it will retest old support levels. The apex cryptocurrency has experienced price volatility in the last few days dropping below $30,000.

 However, it has retained most of its gains in April 2023.

Bitcoin Price Action

BTC moved from $16,521 on January 1, 2023, to $17,091 on January 8. It rallied to $20,976 on January 14, sparking a revival for the general crypto market. The coin traded at $23,723 on February 1, for the second time in 2023, showing signs of bullish pressure. 

However, the bears seized control in March, forcing BTC to rest on $20,363 on March 9. The bulls rallied again, pushing BTC from $22,163 on March 12 to $28,478 on March 31. BTC claimed the $30,000 price level for the first time in 2023 on April 11.

Again, the bears forced it below $30,000 on April 17 and are still intent on pushing a further decline given its price today.

Bitcoin Price Action With Technical Indicators

Today, Bitcoin is in a downtrend, forming its third consecutive candle on the daily chart. BTC has dropped below the 23.6% Fibonacci level ($28,329), which acted as a support level for the asset. It implies that further decline lies ahead for the market leader. 

Also, it is sitting above its 50-day Simple Moving Average (SMA). A drop below this indicator will signal further decline. 

Bitcoin’s Relative Strength Index (RSI) is 46.37, close to the oversold region of 30 and a bearish sentiment. Also, the indicator is moving downwards, signaling further decline ahead. However, Bitcoin is still trading above its 200-day SMA, a bullish signal for the asset. It implies that the bulls will likely rally once BTC enters the oversold region. 

BTC Support And Resistance Levels

Bitcoin is approaching the $27,804 support level as the bears seize control. Its support levels are $24,255, $25,312, and $27,804. Also, the resistance levels are $28,819, $29,376, and $30,489. 

Expect further price decline if BTC drops below the $27,804 support. However, if this support level holds, it can become a pivot point to start the next Bitcoin rally.

BTC Price prediction By Experts

Experts and analysts have compiled Bitcoin’s short and long-term price predictions based on technical and fundamental analysis. 

Bitcoin Price Prediction in 2023

 Changelly predict BTC price will reach a minimum of $29,337, a maximum of $34,690, and an average of $30,426.

Bitcoin Price Prediction in 2025

Coinpedia predicts a minimum of $65,556, an average price of $95,298, and a maximum of $124,867 for BTC.

Bitcoin Price Prediction 2030

Softwaretesting is bullish on Bitcoin in 2030. They expect a minimum of $500,000, an average price of $776,060, and a maximum of $937,274.

Factors Influencing Bitcoin’s Price

Several factors contribute to the price action of a cryptocurrency. These factors include inflation, crypto regulations, macroeconomic factors such as global recession, and the laws of supply and demand. 

Also, activities on the Bitcoin Network could affect its price action combined with notable news events.

Latest News And Trends On The Bitcoin Network

Bitcoin Drops As Liquidations Surge

According to Coinglass data, April 19 recorded the largest long liquidation event in 2023. The liquidation of leveraged positions exceeded $262.5 million in the crypto market. Traders bought dips aggressively, anticipating a bounce back to a higher price range. 

However, the market is yet to regain stability as Bitcoin faltered today to touch the $27,800 price level.

CUDOS Markets Bring Bitcoin Mining Solutions

Bitcoin mining is under intense scrutiny from governmental agencies and environmentalists over its energy consumption. CUDOS markets, founders of the carbon-neutral Cudos blockchain, have a solution to BTC mining problems. 

The platform tokenizes hashrate enabling any user to participate in the mining process without hardware or technical knowledge. NFTs are incorporated in sustainable mining farms allowing users to purchase computational power while receiving a direct stake in the mining rewards.

The hassles of owning mining hardware are removed from users while they receive NFTs sold in the open market. This innovation centralizes mining making it less energy intensive and more eco-friendly.

Bitcoin Alternatives 

Bitcoin is trading in the red today. However, early investors must act fast to take advantage of these presales that promise rewards.

Pikamoon (PIKA)

Pikamoon is an RPG gaming initiative that offers gameplay in a customized Metaverse known as the Pikaverse. Players can build dynasties in different locations, recruit heroes and compete in combat in this captivating game. It offers a play-to-earn model where gamers get PIKA tokens as rewards for completing missions or competing for NFT rewards. 

Pikamoon is in partnership with Transak to incorporate fiat currency into in-game purchases. Players not conversant with crypto can use a credit card to complete purchases.

The PIKA token is currently in its first presale stage and is currently worth $0.0002 per token. The presale has just three phases. In the third stage, the price moves to $0.0006. Therefore, early investors are guaranteed a 200% return on investment. 

Love Hate Inu (LHINU)

Love Hate Inu is a vote-to-earn platform that harnesses the vast potential of the survey market to reward its users. It introduces a system where users can vote for love or hate for several topics. Voting is a secure and non-discriminatory process but has requirements.

Only LHINU token holders can vote and stake their tokens for at least 30 days to vote. The more tokens staked, the greater voting power available. Also, this system eliminates fake accounts that can disrupt the voting process.

LHINU tokens are currently on presale, with the first poll opened for users to vote and an opportunity to win $10,000. Each LHINU token is worth $0.000115 and will increase to $0.000145 when it lists on exchanges.