- Bitcoin is trading around $29,479, down 3% in the past 24 hours.
- Crypto analyst Rekt Capital says BTC price could retest $28,800 and make it a major support area.
- BTC price bounced above $31,000 last week, but has struggled to break past the anticipated buffer zone.
Bitcoin is presently hovering around $29,479, having dropped 3% in the past 24 hours and now just 4% up in the past seven days. After climbing to highs above $31,000 and then retreating to current levels, the market may have to brace for a retest of $28,800.
This is the Bitcoin price prediction shared by crypto analyst Rekt Capital.
BTC Could Retest Support near $28,800
Following the retreat to lows of $15,500 after the FTX debacle, the Bitcoin market saw a decent flip in 2023. An upswing off the post-death cross retracement of the bear market saw BTC recover more than 80%.
According to Rekt Capital, the rally to the $30,000 area had BTC trending in an area that has previously acted as a stubborn resistance as well as support zone on the monthly chart. Bulls managed to breach the supply wall last week, but the $28,800 was equally solid and despite a decent weekly close above the zone, a fresh dip to the level is likely.
Such a retest might be what buyers need to solidify it as a demand reload area. Rekt says a successful retest of the level could reinvigorate bulls for another upward move.
#BTC enjoys a solid Weekly Close above ~$28800 support (orange)
If this current dip is to get deeper, it would be entirely healthy for $BTC to retest ~28800
After all, that level was a multi-week resistance and now may have the chance to become support#Crypto #Bitcoin https://t.co/ZUMHMa7ukR pic.twitter.com/PCAzaIkAvV
— Rekt Capital (@rektcapital) April 17, 2023