Bitcoin Price Loses $28,500 – Are Bears In Control Of BTC Price?

BTC Price
Bitcoin Price Loses $28,500 – Are Bears In Control Of BTC Price?

Bitcoin’s (BTC) price has struggled to show much steam in recent days as most memecoins like AIDOGE and PEPE steal the show rewarding many with thousands of dollars as major crypto assets suffer from setbacks after price rallies.

The price of Bitcoin has struggled to break past the region of $30,500 as this has proven to be a strong resistance for the price of BTC despite rallying from $27,700 to a high of $29,500 to $30,500.

Other Reading: PEPE Memecoin Rallies 8,000% – Turns $1,000 Into $100,000

Following the Ethereum Shanghai launch, the price of ETH and Bitcoin showed some great strength as the price of ETH broke past the region of $1,900 after several months after its rally in the course of its Ethereum Merge.

Bitcoin (BTC) Price Chart Analysis For Today 

BTC Price Chart | Source:

After a drop from the high of $29,500, the price of BTC has struggled to hold above key regions of support as the price has dropped to $28,500. The price of Bitcoin has since struggled to hold above $28,500 as there are high suggestions of price dropping lower considering how weak the price of Bitcoin looks presently.

Bitcoin’s price needs to reclaim the high of $28,500 to regain an immediate price rally; if the price of BTC struggles to reclaim above $28,500, we could see the price of Bitcoin struggle for some time.

The price of BTC, ranging between $28,500 to $26,000, could mean the price remains slightly bullish; if the price of Bitcoin loses $26,000, this could mean the price drops to a low of $20,000.

The price of Bitcoin holds pretty well above the 50 and 200 Exponential Moving Average (EMAs), as the price of $27,000 and $23,800 corresponds to the region of 50 and 200 EMA acting as support for BTC price.

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