The volatility in the cryptocurrency market, precisely the top digital asset, Bitcoin, spiked during the Asian and London trading session. According to our latest crypto market data, Bitcoin price is up over 6.6 percent to trade around $26, 797 at reporting time. Having printed a new high since mid-August last year, most crypto analysts are bullish as the weekend approaches.
With over $153 million liquidated from the crypto market in the past 24 hours, Bitcoin longs could push Bitcoin towards the next technical and psychological hurdle, around $28k. Moreover, the banking crisis, which has seen the United States Fed abandon its monetary tightening measures and fight against high inflation, has increased overall Bitcoin confidence. Self-custody amid the banking crisis has been the new slogan in the crypto industry.
Bitcoin Price Analysis
Having retested $25k for the third time since the crypto capitulation in June last year, Bitcoin bulls have the upper edge in reclaiming the ATH. According to on-chain analytics firm Glassnode, Bitcoin has now confidently broken above the Adjusted Realized Price at $24.6k. Notably, the average cost basis variant excludes the tremendous profit held by lost coins. Additionally, Glassnode noted that the Bitcoin market recently found support for the classic Realized Price of $19.8k.
As a result, famous crypto trader, Michael van de Poppe, highlighted that Bitcoin bulls need to continue pushing upwards during the weekend to avoid a bearish divergence.
A similar sentiment was shared by Markus Thielen, head of research and strategy at Matrixport, who noted that Bitcoin’s next technical hurdle is at $28k.
“Bitcoin has now the chance to climb to the next technical level, which is situated at $28,000 ….. Within larger price swings, bitcoin has rallied, reacted, and retested from $4,000 point increments – $16k, $20k, and $24k – from which the current breakout is now targeting $28K, Thielen noted.