$28.7k Could Be Next Level To Break For Bitcoin, Here's Why

On-chain data suggests the $28,700 mark, which Bitcoin has yet to hit since the LUNA collapse, could be the next major obstacle to clear for the asset. Bitcoin Has Been Under The $28,700 Level For 310 Days Now According to data from the on-chain analytics firm Glassnode, the $28,700 is the cost basis (that is, the acquisition price) of a specific whale group in the BTC market.

Timeline of Bitcoin

Monetary liquidity expectations is one driver moving crypto markets these days, though not in the way many think – even if easing is around the corner, liquidity is tight, says Noelle Acheson.

American entrepreneur and investor Balaji Srinivasan said his “Bitcoin to $1 million in 90 days” prediction is funnily making him sound like the most intense (Bitcoin) maximalist ever. In web 3.0 lingo, maximalists are those who believe all other cryptocurrencies are inferior to Bitcoin.

The price of ethereum (ETH) has increased tremendously, from $1,760 to $1,820 as of March 21, as bitcoin (BTC) remains steady after a surge in the last few days. Ethereum surged to $1,820 and then slightly corrected.

As the next Federal Open Market Committee (FOMC) meeting approaches on March 22, Bitcoin (BTC) trades at $28,000, just below its nearest resistance level. The cryptocurrency is consolidating at a critical zone, indicating the potential for continuing its current trend or a possible pullback to $25,000.

Bloomberg's senior macro strategist Mike McGlone says that Bitcoin (BTC) vastly outperforming gold may be indicative of a new supercycle for the king cryptocurrency. McGlone tells his 55,000 Twitter followers that one of Bitcoin's key advantages over gold is its low and rising adoption plus diminishing supply.

The Bitcoin network's security is derived from a process called Proof-of-Work (PoW) which is powered by advanced hardware and large amounts of electricity. In PoW mining, miners aggregate transactional data over a specific period and attempt to summarize this data into an encrypted output that is accepted by the rest of the network.

Up over 40% year to date, bitcoin is arguably 2023's best-performing asset. And according to new data, the bellwether cryptocurrency has been profitable for its holders nearly 89% of the time since the beginning of its trading.

The recent bull run in the crypto space has brought all eyes to Bitcoin [BTC], with its soaring prices generating profits for both long-term and short-term investors. According to new data provided by Santiment, holders across all spectrums have become profitable for the first time in 14 months, leading many to believe a bull run for the king coin is approaching.

Bitcoin price is currently trading at $28,000 only a week after retesting below $20,000 – potentially leaving that price range behind forever. The powerful, more than 30% one-week rally has brought the top cryptocurrency to a bullish technical level that in the past only was reached after a bear market bottom was put in.

BTC/USD Orbiting 28004 Level:  Sally Ho's Technical Analysis – 22 March 2023 Bitcoin (BTC/USD) traded sideways early in the Asian session as the pair orbited the 28004.20 level, an upside price objective associated with previous buying pressure around the 16326.16 and 20370.01 areas.   The pair ceded some recent gains after rocketing to its strongest print since early June 2023, trading as high as the 28578.63 level.