Bitcoin has experienced some turbulent price movements recently. The crypto currency rose as high as $ 28,500 yesterday morning. A subsequent strong rejection dropped the price below $ 26,500.

 

Strong support

This price level has found some strong support around it and is trying to use it as a support base for growth throughout the morning.

Where the trend is in the medium term will undoubtedly depend on whether these highs are creating a boom for the cryptocurrency.

One analyst believes that although this is a possibility, the drop after encountering a rejection at these peaks is not enough to confirm that there is a “peak”.

Over the past few days, Bitcoin has surged from lows of $ 24,000 to $ 28,500 on the 25th of this month.

BTC could go higher

Despite facing a rejection here, the price is still rising significantly from where it was a few days ago and may continue to rise further in the coming months.

One trader points to the possibility that this recent rally and rejection will create a boom, but he is not entirely convinced of this boom due to the strength seen after the rejection.

Bitcoin is currently trading at $ 27,112. This level marks a notable recovery from the $ 26,500 low set this morning.

This level also means a significant drop from the $ 28,500 level.

The rejection here was intense. However, the bulls are in the process of absorbing the intense selling pressure.

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Hasn’t BTC peaked yet?

Speaking about this price action, a trader named SalsaTekila explained that the recently rejected level of Bitcoin is not the last peak.

While he doesn’t believe that this rejection creates a bursting point, he’s closely watching crypto’s ongoing response to recent selling pressure entries.

BTC is in recovery after its recent sales. Therefore, there is a strong possibility that the bulls will rule out the possibility of this being a local peak.

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