03-17-2023 icon

Bitcoin hits $26,000, could $28,000 be feasible?

By Lucy Adegbe

After surpassing a major resistance level during Friday’s Asian trading hours, is looking north, bitcoin (BTC) is looking north.

The top cryptocurrency based on market capitalization rose past $25,000, breaching the resistance dating back to August 2022 that also capped gains last month.

While the coin currently trades at $26,475, the move has shifted the focus to the next technical hurdle above $28,000.

24-hour BTC/USD price chart (Source: Tradingview.com)

“Bitcoin has now the chance to climb to the next technical level, which is situated at $28,000,” Markus Thielen, head of research and strategy at crypto financial-services firm Matrixport, told Coindesk.

“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 added.

Wall Street’s tech-heavy Nasdaq index rose 2.6% on Thursday, confirming a bullish pattern on the daily chart, according to chartered market technician Aksel Chibar. Bitcoin tends to move more or less in line with the rate-sensitive technology stocks.