Bitcoin, the world’s largest cryptocurrency, has been struggling to rise since the beginning of the year. Bitcoin’s price has recovered over 20% in the last 30 days. However, Arcane Research analyst suggests that this upward trend may continue in the coming days.
How Can Bitcoin Jump To $28,000?
Bitcoin has hovered around the $24,000 price level over the past two weeks. After testing this price zone, BTC bounced back to a new local high of $24,666. However, it quickly dropped to the $23,000 price level.
The expert suggests that $20,700 is the vital price level to watch right now. If Bitcoin breaks below this key price level, it will signal a bearish lower.
Meanwhile, BTC currently holds an interesting price level of $23,000 as resistance. This could be a big boost for this week. If Bitcoin can sustain its current price level, this will push it back towards the $24,000 level. This move could explode towards the $27,000-$28,000 level.
Best Month Of This Year For BTC ‘July’
According to Arcane Research, Bitcoin escaped heavy selling pressure last month. BTC’s price posted a monthly return of about 16.6% in July. He noted that this was the highest return since October 2021.
Except for July, February, and March, two months since October 2021 recorded positive growth of 12% and 5%, respectively, for Bitcoin. Meanwhile, June provided to be the worst month in BTC history.