BTC price holds 6% gains as Bitcoin battles for 'crucial' $28K support
Bitcoin (BTC) passing $28,000 hints at bullish sentiment, but reclaiming it for good is essential, analysis says.
In an X post on Oct. 17, Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, described the $28,000 mark as a “critical milestone” for BTC price.
After snap volatility, which caused Bitcoin to hit $30,000 for the first time since August, the largest cryptocurrency has managed to preserve some of its gains.
At the time of writing, BTC/USD is circling $28,500, per data from Cointelegraph Markets Pro and TradingView — still up around 6% since the weekly open.
For Allemann and Happel, the pair is now at a defining crossroads.
“The crypto market is hinged on BTC's ability to breach and consistently maintain a value north of $28k,” part of their commentary stated.
$28,000 has formed a battleground ever since Bitcoin first crossed it in early 2021, and liquidity has traditionally surrounded it as bulls and bears fight to secure control over long-term trajectory.
Data from trading suite DecenTrader among others confirms that the status quo remains despite recent BTC price moves — $28,000 lies in a zone between major longs and shorts of varying leverage.
“While this pivotal milestone was momentarily attained on futures, the spot market price peaked at $27.98k earlier today. It's evident just how crucial this price point is in the larger scheme,” Allemann and Happel added.
As Cointelegraph reported, predictions over what the future will bring for Bitcoin both before and after its next block subsidy halving in April 2024 differ considerably.
Related: Mining BTC is harder than ever — 5 things to know in Bitcoin this week
In an interview last month, DecenTrader co-founder Filbfilb eyed BTC price
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