As the price of Bitcoin (BTC) fast approaches the psychological $29,000 mark, analysts are predicting further gains in the foreseeable future. However, the crucial level to watch, according to traders, is the resistance near $29,000 as some investors may start to take profits here.
The last time Bitcoin was above this level was on April 14th, which led to the cryptocurrency’s peak price of nearly $64,000 in mid-April. In the short-term, a break and close above the $29,000 resistance level could open the door for a return to all-time highs.
On the other hand, if the bulls fail to break the resistance and the Bitcoin price falls after a failed attempt, the $26,500 level could act as strong support. Further, if this level is broken and the sell-off continues, the $24,000 level could provide another level of support for Bitcoin bulls. Overall, traders should watch these levels carefully to determine the direction of the next trend.
