• Bitcoin Price Drops Below $30,000
• Crypto Analyst Rekt Capital Predicts BTC Price Could Retest $28,800
• Bulls Need to Solidify Area as a Demand Reload Zone
Bitcoin Price Fluctuates Around $30,000
Bitcoin price has dropped below the key psychological level of $30,000 to currently trade near $29,480. This comes after an attempt by bulls to breach the expected buffer zone failed. Despite a decent weekly close above the zone, crypto analyst Rekt Capital predicts that BTC could retest $28,800 and establish it as a major support area.
Rekt Capital’s Bitcoin Price Prediction
According to Rekt Capital, Bitcoin is trading around an area which has previously acted as both a resistance and support on the monthly chart. In order for buyers to solidify this area as a demand reload zone, they need to successfully retest it at prices no lower than $28,800. If so, it could spark another upward move in BTC prices.
Previous Market Rout
The market saw its most recent retracement to lows of around $15,500 following the FTX debacle market rout earlier this year. However since then Bitcoin has recovered more than 80% of its losses with an upswing off the post-death cross retracement of the bear market.
Outlook for Bitcoin Prices
At current levels Bitcoin is about 3% down in the past 24 hours and just 4% up in the past seven days. It remains unclear whether or not bulls will be able to successfully defend against any potential dip towards the expected buffer zone of $28,800 however if so it could fuel another stronger rally going forward.
Overall these latest price movements suggest that Bitcoin is currently fluctuating around an important psychological level with potential for further volatility ahead depending on how well bulls are able to defend against dips towards key technical levels such as that at $28,800.