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Bitcoin Breakout Has Put $28K in Cross Hairs

Bitcoin (BTC) is now trending in the upward direction after it successfully broke past a critical barrier during the Asian trading hours on Friday.

The top cryptocurrency has broken over the $25,000 barrier, overcoming the limit that had been in place since August 2022 and that had previously restricted growth in the previous month. This breakthrough occurred after the barrier had been in place for almost five years.

Because of this move, everyone’s attention is now focused on the upcoming technical difficulty, which will cost more than $28,000.

“Bitcoin has now the chance to rise to the next technical level, which is positioned at $28,000,” said Markus Thielen, head of research and strategy at Matrixport. “Bitcoin has now the opportunity to ascend to the next technical level.”

According to the information provided by Thielen, “With higher price fluctuations, bitcoin has climbed, replied, and retested from $4,000 point increments,” such as $16,000, $20,000, and $24,000. “The most recent breakout is currently going for $28,000, and it started from these point increments.”

A bullish pattern was verified on the daily chart after Thursday’s increase of 2.6% on the tech-heavy Nasdaq index on Wall Street, as stated by chartered market analyst Aksel Chibar. The price of bitcoin tends to fluctuate in a manner that is more or less consistent with the movement of rate-sensitive technology shares. This is because bitcoin is a rate-sensitive asset.

 

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