{"id":514763,"date":"2023-01-04T09:41:26","date_gmt":"2023-01-04T14:41:26","guid":{"rendered":"https:\/\/uniquehot.com\/?p=514763"},"modified":"2024-06-11T14:33:27","modified_gmt":"2024-06-11T14:33:27","slug":"bitcoin-price-catch-up-28000-is-key-level","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-catch-up-28000-is-key-level\/","title":{"rendered":"Bitcoin Price Plays Catch-Up With Altcoins, Why $28,000 Is A Key Level"},"content":{"rendered":"<p><strong><span data-preserver-spaces=\"true\">The Bitcoin price is finally seeing some profits, but it seems weak compared to other crypto assets. The macroeconomic environment is waking up, shaking things across all asset classes.\u00a0<\/span><\/strong><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum-stakers-in-massive-loss\/\" target=\"_blank\" rel=\"noopener \">Ethereum Stakers In Massive Loss As 80% of Staked ETH Is In The Red<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">As of this writing, the Bitcoin price trades at $16,800 with sideways movement in the last 24 hours. In the crypto top 10, BTC is lagging behind Ethereum, Binance Coin, and Cardano. These cryptocurrencies are positively reacting to the start of 2023.\u00a0<\/span><\/p>\n<figure id=\"attachment_514780\" aria-describedby=\"caption-attachment-514780\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-514780 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-price-BTC-BTCUSDT-1.png?resize=860%2C376\" alt=\"Bitcoin price BTC BTCUSDT\" width=\"860\" height=\"376\"><figcaption id=\"caption-attachment-514780\" class=\"wp-caption-text\">BTC&#8217;s price moving sideways on the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/molUuyLp\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\"><strong>BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<h2>Bitcoin Price Aims For Higher Levels<\/h2>\n<p><span data-preserver-spaces=\"true\">Per a recent <a href=\"https:\/\/twitter.com\/QCPCapital\/status\/55912192\" target=\"_blank\" rel=\"noopener nofollow\">report<\/a> from the trading desk QCP Capital, institutions are returning to action and allocating capital in Gold and other assets. The precious metal has seen a 15% rally in the past 60 days and keeps trending upwards.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The trading desk believes institutions are allocating into &#8220;alternative assets&#8221; or stores of value. The Bitcoin price is yet to benefit from this trend, but the crypto market is recording some profits. In particular, the non-fungible token space.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This sector is coming back to life after months of declining activity. Popular NFT collections experienced 2 to 3x profits in late 2022 and are likely to maintain the trend. QCP Capital noted Bitcoin and Ethereum&#8217;s price action:\u00a0<\/span><\/p>\n<blockquote><p>(\u2026) in line with Gold and NFTs, BTC and ETH are playing catch up to some extent at the start of the year. Despite the mini rally, BTC is still trading in an extremely tight falling wedge &#8211; with 18k the key breakout level to the topside.<\/p><\/blockquote>\n<p><span data-preserver-spaces=\"true\">If the Bitcoin price can flip $18,000 and trend higher on the back of institutional allocation to alternative assets, the cryptocurrency could reclaim higher levels. The trading desk points to $28,000 as a critical level to watch.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This level is the neckline of the &#8220;Head and Shoulders&#8221; pattern formed by BTC in the past two years. In addition, $28,000 has confluence with the 61.8% Fibonacci Retracement level, meaning many players will keep an eye on it.\u00a0<\/span><\/p>\n<figure id=\"attachment_514779\" aria-describedby=\"caption-attachment-514779\" style=\"width: 458px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-514779 size-medium\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-price-BTC-BTCUSDT-chart-2-fib.jpeg?resize=458%2C460\" alt=\"Bitcoin price BTC BTCUSDT chart 2 fib\" width=\"458\" height=\"460\"><figcaption id=\"caption-attachment-514779\" class=\"wp-caption-text\">$28,000 for BTC has confluence with key levels. Source: QCP Capital via Twitter<\/figcaption><\/figure>\n<h3>What Could Operate As An Obstacle For Bitcoin<\/h3>\n<p><span data-preserver-spaces=\"true\">In the short term, the Bitcoin price is seeing resistance at its current levels. Analyst Caleb Franzen <a href=\"https:\/\/twitter.com\/CalebFranzen\/status\/21422848\/photo\/1\" target=\"_blank\" rel=\"noopener nofollow\">claims<\/a> that BTC is likely to continue seeing resistance around these prices and higher.\u00a0<\/span><\/p>\n<figure id=\"attachment_514778\" aria-describedby=\"caption-attachment-514778\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-514778 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/Bitcoin-BTC-BTCUSDT-Chart-3.jpeg?resize=860%2C483\" alt=\"Bitcoin BTC BTCUSDT Chart 3\" width=\"860\" height=\"483\"><figcaption id=\"caption-attachment-514778\" class=\"wp-caption-text\">BTC&#8217;s price coming into major resistance Source: Caleb Franzen via Twitter<\/figcaption><\/figure>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-open-interest-rsi-bear-divergence\/\" target=\"_blank\" rel=\"noopener \">Brace For Impact? Bitcoin Open Interest RSI Forms Bearish Divergence<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">In 2022, the levels at $17,000 operated as critical support. Once lost, these levels turned into significant resistance, likely creating friction for the cryptocurrency. As the analyst pointed out, Bitcoin was already rejected from these levels in an attempt to rally beyond the $18,000 mark. Franzen said:<\/span><\/p>\n<blockquote><p>Bitcoin is decisively within a potential resistance range. Even if price manages to break above this diagonal resistance channel, we can&#8217;t ignore overhead resistance from the former 2022 support range. We&#8217;ve already been rejected there once&#8230;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin price is finally seeing some profits, but it seems weak compared to other crypto assets. The macroeconomic environment is waking up, shaking things across all asset classes.\u00a0 Related Reading: Ethereum Stakers In Massive Loss As 80% of Staked ETH Is In The Red As of this writing, the Bitcoin price trades at $16,800 with sideways movement in the last 24 hours. In the crypto top 10, BTC is lagging behind Ethereum, Binance Coin, and Cardano. These cryptocurrencies are positively reacting to the start of 2023.\u00a0 Bitcoin Price Aims For Higher Levels Per a recent report from the trading desk QCP Capital, institutions are returning to action and allocating capital in Gold and other assets. The precious metal has seen a 15% rally in the past 60 days and keeps trending upwards.\u00a0 The trading desk believes institutions are allocating into &#8220;alternative assets&#8221; or stores of value. The Bitcoin price is yet to benefit from this trend, but the crypto market is recording some profits. In particular, the non-fungible token space.\u00a0 This sector is coming back to life after months of declining activity. Popular NFT collections experienced 2 to 3x profits in late 2022 and are likely to maintain the trend. QCP Capital noted Bitcoin and Ethereum&#8217;s price action:\u00a0 (\u2026) in line with Gold and NFTs, BTC and ETH are playing catch up to some extent at the start of the year. Despite the mini rally, BTC is still trading in an extremely tight falling wedge &#8211; with 18k the key breakout level to the topside. If the Bitcoin price can flip $18,000 and trend higher on the back of institutional allocation to alternative assets, the cryptocurrency could reclaim higher levels. The trading desk points to $28,000 as a critical level to watch.\u00a0 This level is the neckline of the &#8220;Head and Shoulders&#8221; pattern formed by BTC in the past two years. In addition, $28,000 has confluence with the 61.8% Fibonacci Retracement level, meaning many players will keep an eye on it.\u00a0 What Could Operate As An Obstacle For Bitcoin In the short term, the Bitcoin price is seeing resistance at its current levels. Analyst Caleb Franzen claims that BTC is likely to continue seeing resistance around these prices and higher.\u00a0 Related Reading: Brace For Impact? Bitcoin Open Interest RSI Forms Bearish Divergence In 2022, the levels at $17,000 operated as critical support. Once lost, these levels turned into significant resistance, likely creating friction for the cryptocurrency. As the analyst pointed out, Bitcoin was already rejected from these levels in an attempt to rally beyond the $18,000 mark. Franzen said: Bitcoin is decisively within a potential resistance range. Even if price manages to break above this diagonal resistance channel, we can&#8217;t ignore overhead resistance from the former 2022 support range. We&#8217;ve already been rejected there once&#8230;<\/p>\n","protected":false},"author":535,"featured_media":512283,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-514763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Plays Catch-Up With Altcoins, Why $28,000 Is A Key Level<\/title>\n<meta name=\"description\" content=\"The Bitcoin price is finally seeing some profits, but it seems weak compared to other crypto assets. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Plays Catch-Up With Altcoins, Why $28,000 Is A Key Level","url":"http:\/\/uniquehot.com\/news\/bitcoin-price-catch-up-28000-is-key-level\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-price-catch-up-28000-is-key-level\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/Bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/Bitcoin.jpeg?fit=1000%2C665"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2023-01-04T14:41:26Z","datePublished":"2023-01-04T14:41:26Z","dateModified":"2024-06-11T14:33:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Plays Catch-Up With Altcoins, Why $28,000 Is A Key Level\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-catch-up-28000-is-key-level\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-catch-up-28000-is-key-level\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Bitcoin.jpeg?fit=1000%2C665\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2023-01-04T14:41:26Z\",\"datePublished\":\"2023-01-04T14:41:26Z\",\"dateModified\":\"2024-06-11T14:33:27Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/12\/Bitcoin.jpeg?fit=1000%2C665","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/514763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=514763"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/514763\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/512283"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=514763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=514763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=514763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}