Bitcoin and other cryptocurrencies experienced minimal movement on Tuesday as they followed the broader trends of risk-sensitive assets. Analysts are closely monitoring key technical levels after Bitcoin’s recent breakout from a period of stagnant trading.
Over the past 24 hours, the price of Bitcoin has edged up by less than 1% to reach $27,650. Despite this slight increase, the leading cryptocurrency has remained comfortably above the $26,000 range that previously dominated trading for over a month. However, Bitcoin has been unable to surpass its recent peak near $28,500, which was achieved following a rally at the end of September.
The attempt to break above $28,000 resulted in a wave of selling pressure that brought the price back down to $27,200 at its lowest point, explained Alex Kuptsikevich, an analyst at FxPro. Although Bitcoin has encountered significant resistance at the $28,000 level, it has not yet entered a clear downward trajectory.
While Bitcoin is expected to align with other risk-sensitive assets throughout the week, given the ongoing concerns surrounding the Israeli conflict and interest rate prospects, there are additional factors to consider beyond the performance of the Dow Jones Industrial Average and S&P 500. Despite breaking free from the $26,000 zone, Bitcoin’s bullish investors are now facing significant technical barriers.
“With its recent short-term rally, Bitcoin has reached a long-term resistance level around $28,100,” stated Katie Stockton, managing partner at Fairlead Strategies. “There appears to be limited upside momentum… We maintain a neutral intermediate-term stance due to the recent oversold upturn. Key support sits near $25,200.”
In addition to Bitcoin, Ether—the second-largest cryptocurrency—experienced a marginal decline of less than 1%, settling at $1,590. Altcoins, or smaller cryptocurrencies, exhibited mixed performance, with Cardano showing a slight increase while Polygon recorded a 2% drop. Memecoins, including Dogecoin and Shiba Inu, remained relatively stable with little fluctuation in trading.
