{"id":446155,"date":"2023-10-07T23:05:59","date_gmt":"2023-10-07T23:05:59","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=446155"},"modified":"2023-10-07T23:06:00","modified_gmt":"2023-10-07T23:06:00","slug":"bitcoin-breaks-above-28k-psychological-level-again-can-it-find-support","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-breaks-above-28k-psychological-level-again-can-it-find-support","title":{"rendered":"Bitcoin Breaks Above $28k Psychological Level Again. Can It Find Support?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Bitcoin (BTC) commenced the week surging above the $28,000 psychological resistance and attempting to breach the $28,500.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, buyers faced a sharp rejection as bears emerged, asserting some control over the market and causing the BTC price to be corrected to $27.65k, a level that has now transitioned from resistance to support, resulting in a price rebound.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a recent interview with YouTuber Tom Bilyeu, former BitMEX CEO Arthur Hayes shared an optimistic, bullish prediction, believing that if there is a significant shift towards BTC,it has the potential to revisit its all-time high (ATH) and exceed $70,000 by the close of 2024.<\/span><\/p>\n<p><iframe title=\"A Great Depression Worse Than 2008 - Survive &amp; Thrive During The New Economic Reset | Arthur Hayes\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/-de-ZIA5ouo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, Hayes believes that BTC can soar to anywhere between $750,000 and $1 million by 2026.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of 8:27 a.m. EST, BTC <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\"><span style=\"font-weight: 400;\">is trading at $27,994, <\/span><\/a><span style=\"font-weight: 400;\">indicating a 1.1% increase over the past 24 hours.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">BTC Price Could Find Support Above the 200-Day SMA<\/span><\/h2>\n<figure id=\"attachment_446156\" aria-describedby=\"caption-attachment-446156\" style=\"width: 1433px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-446156\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/10\/image-17.png\" alt=\"BTC\/USD Chart Analysis. Source: Tradingview.com\" width=\"1433\" height=\"626\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/10\/image-17.png 1433w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/10\/image-17-300x131.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/10\/image-17-1024x447.png 1024w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/10\/image-17-768x335.png 768w\" sizes=\"(max-width: 1433px) 100vw, 1433px\"><figcaption id=\"caption-attachment-446156\" class=\"wp-caption-text\">BTCUSD Chart Analysis. Source: Tradingview.com<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The BTC price is between the $30,000 resistance and the $25,000 support zone within the ascending triangle pattern.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The bulls display notable aggressiveness as they successfully break through the critical $27,500 resistance, inching closer to $28,500.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If this bullish momentum persists, it could propel BTC above the $28,500 level, potentially leading to an 18% surge toward the second resistance level at $31,200, coinciding with the upper boundary of the ascending triangle.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">BTC&rsquo;s Indicators Signal a Bull Rally to $31,200 Resistance&nbsp;<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">BTC has consistently maintained a bullish trend above the 50-day moving average while hovering around the 200-day moving average.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The 200-day moving average serves as immediate resistance for BTC. A breach above the 200 SMA could solidify the bull rally toward the $31,200 resistance level.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The relative strength index (RSI) unmistakably signals a bullish trend, sitting comfortably above the neutral 50 position at 62. This indicates intense buying pressure, with the potential for the RSI to venture into the overbought region of 70 and beyond.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In such a scenario, buyers would have the opportunity to drive the price past the $28,500 mark.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">BTC maintains a bullish outlook, drawing substantial interest from buyers and traders. This sentiment is supported by the RSI and the 50-day moving average, potentially paving the way for a breakthrough beyond the critical $28,500 support and setting the stage for the bulls to target the $31,200 resistance.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-446157\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/10\/image-18.png\" alt=\"Bitcoin\" width=\"1433\" height=\"626\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/10\/image-18.png 1433w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/10\/image-18-300x131.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/10\/image-18-1024x447.png 1024w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/10\/image-18-768x335.png 768w\" sizes=\"(max-width: 1433px) 100vw, 1433px\"><\/p>\n<p><span style=\"font-weight: 400;\">BTC Indicator Analysis. Source Tradingview.com<\/span><\/p>\n<p>Conversely, the bulls need to remain vigilant regarding the 200-day moving average, which could allow bears to push the price downward. If this scenario unfolds, the bulls may find refuge at the $26,200 support zone. However, if breached, they could seek support from the 200-day SMA.<\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, BTCMTX has emerged as an alternative investment to BTC, garnering substantial interest during its presale phase, which witnessed rapid uptake within hours of its launch.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investors now have the opportunity to capitalize on high returns through its presale and the stake-to-mine feature.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Join the BTCMTX Presale, Experience the Exciting Stake-to-Mine Opportunity<\/span><\/h2>\n<p><a href=\"https:\/\/insidebitcoins.com\/visit\/bitcoinminetrix\" rel=\"nofollow\"><span style=\"font-weight: 400;\">Bitcoin Minetrix (BTCMTX)<\/span><\/a><span style=\"font-weight: 400;\"> offers an innovative approach that redistributes mining profits from corporate entities to retail investors through a method known as stake-to-mine.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/BitcoinMinetrix?src=hash&amp;ref_src=twsrc%5Etfw\">#BitcoinMinetrix<\/a> aims to transform the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> Cloud Mining landscape by introducing a Stake-to-Mine mechanism automated by smart contracts. <\/p>\n<p>Envisioning a safe and efficient ecosystem between <a href=\"https:\/\/twitter.com\/hashtag\/Blockchains?src=hash&amp;ref_src=twsrc%5Etfw\">#Blockchains<\/a> that combats the drawbacks of conventional cloud mining. &#127760; <a href=\"https:\/\/t.co\/NtNlMWROmx\">pic.twitter.com\/NtNlMWROmx<\/a><\/p>\n<p>&mdash; Bitcoinminetrix (@bitcoinminetrix) <a href=\"https:\/\/twitter.com\/bitcoinminetrix\/status\/1709840913806069948?ref_src=twsrc%5Etfw\">October 5, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Currently, the project generates 158.5 tokens for each Ethereum (ETH) block, resulting in an impressive annual percentage yield (APY) of 1,149%, with 36,278,677 tokens already staked.&nbsp;<\/span><\/p>\n<p><a href=\"https:\/\/insidebitcoins.com\/visit\/bitcoinminetrix\" rel=\"nofollow\"><span style=\"font-weight: 400;\">The project&rsquo;s presale<\/span><\/a><span style=\"font-weight: 400;\"> has already attracted an impressive $686,644 in funding, showcasing strong investor interest in the platform&rsquo;s offerings. Each token can be acquired for $0.011.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/BitcoinMinetrix?src=hash&amp;ref_src=twsrc%5Etfw\">#BitcoinMinetrix<\/a> has reached another vital achievement! &#128079;<\/p>\n<p>Exceeding $600,000 raised. <a href=\"https:\/\/t.co\/flPGRolMBC\">pic.twitter.com\/flPGRolMBC<\/a><\/p>\n<p>&mdash; Bitcoinminetrix (@bitcoinminetrix) <a href=\"https:\/\/twitter.com\/bitcoinminetrix\/status\/1710285681937822097?ref_src=twsrc%5Etfw\">October 6, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">As the presale progresses through each successive stage, the token&rsquo;s price will increase by 10%, making it an opportune moment to participate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Crypto Gains, a prominent YouTuber boasting over 108k subscribers, expresses excitement about how this project could disrupt the industry for the benefit of smaller investors.<\/span><\/p>\n<p><iframe title=\"&#128293; This COIN Is Launching SOON! GET IN EARLY! Can This Disrupt Bitcoin MINING\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/scN6BVYJlGE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">The channel host believes that Bitcoin Minetrix&rsquo;s approach can contribute to the decentralization of hash power, addressing the ongoing mining competition.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To further attract buyers, BTCMTX has announced a $30,000 Minedrop giveaway, offering six different entry methods.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&#127881; <a href=\"https:\/\/twitter.com\/hashtag\/BitcoinMinetrix?src=hash&amp;ref_src=twsrc%5Etfw\">#BitcoinMinetrix<\/a> $30,000 Minedrop Is Now Live! &#127881;<\/p>\n<p>Get ready for your chance to win a share of $30,000 in <a href=\"https:\/\/twitter.com\/search?q=%24BTCMTX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTCMTX<\/a>!<\/p>\n<p>Follow the steps in the link below for the chance to win one of ten $3,000 <a href=\"https:\/\/twitter.com\/search?q=%24BTCMTX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTCMTX<\/a> Prizes! &#128176;<br>&#10145;&#65039;  <a href=\"https:\/\/t.co\/v1UKskxi4Y\">https:\/\/t.co\/v1UKskxi4Y<\/a> <a href=\"https:\/\/t.co\/nseOBTNO9N\">pic.twitter.com\/nseOBTNO9N<\/a><\/p>\n<p>&mdash; Bitcoinminetrix (@bitcoinminetrix) <a href=\"https:\/\/twitter.com\/bitcoinminetrix\/status\/1709944350275473795?ref_src=twsrc%5Etfw\">October 5, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Join the presale and participate in stake-to-mine by acquiring Bitcoin Minetrix BTCMTX tokens with a minimum investment of just $10. Connect your Web3 wallet to <\/span><a href=\"https:\/\/insidebitcoins.com\/visit\/bitcoinminetrix\" rel=\"nofollow\"><span style=\"font-weight: 400;\">the BTCMTX website<\/span><\/a><span style=\"font-weight: 400;\"> and make your purchase using ETH, BNB, USDT, or bank cards.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Related News<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/insidebitcoins.com\/news\/wall-street-memes-unveils-1-million-token-buyback-the-inside-scoop-on-why-wsm-may-dominate-the-crypto-meme-scene-in-2024\"><span style=\"font-weight: 400;\">Wall Street Memes Unveils $1 Million Token Buyback: The Inside Scoop on Why $WSM May Dominate the Crypto Meme Scene in 2024<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/insidebitcoins.com\/news\/best-crypto-to-buy-now-october-7-loom-network-ark-threshold\"><span style=\"font-weight: 400;\">Best Crypto to Buy Now October 7 &ndash; Loom Network, Ark, Threshold<\/span><\/a><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Smog (SMOG) - 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However, buyers faced a sharp rejection as bears <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1907,"featured_media":446158,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.0 (Yoast SEO v22.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Breaks Above $28k Psychological Level Again. Can It Find Support?<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) commenced the week surging above the $28,000 psychological resistance and attempting to breach the $28,500. 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