Bitcoin at $28,450 – Will it Rise or Bearish Pullback?

Bitcoin has reached the $28,450 mark, leaving investors wondering about its future. Will Bitcoin’s value continue to rise, or will there be a bearish correction? Our Bitcoin price prediction today aims to answer these questions by analyzing technical and market indicators.

Digital currencies rally amid US debt ceiling discussions, propelling Bitcoin over the $28,000 mark

Bitcoin’s price has risen by 3%, and other cryptocurrencies are also showing an upward trend, indicating a potential weekend upswing. However, this inflow of capital was observed only after the Republican leader, Kevin McCarthy, and the US President, Joe Biden, reached a preliminary agreement to raise the massive $32.4 trillion federal debt ceiling after four consecutive days of 90-minute phone discussions. This agreement is tentative at present, and Biden has expressed confidence that it will prevent the US from encountering a default. Meanwhile, Kevin McCarthy has accused Biden of wasting time and repeatedly declining negotiations over several months. The agreement restricts spending by the US government for the next two years, but costs related to national security will be exempted. This pact was established a month after US Treasury Secretary Janet Yellen issued a warning concerning a potential risk of default on June 1. After the debt ceiling announcement, Bitcoin witnessed an increased influx of funds, propelling BTC/USD prices upwards by more than 3% within a single day. Former Wall Street trader Macrojack endorses this rise and asserts the paramountcy of tangible assets like Bitcoin, particularly as he anticipates the dollar will be “printed into oblivion.”

“Bitcoin enhances cause-effect and security in cyberspace,” states Michael Saylor

Michael Saylor, the Executive Chairman of MicroStrategy, believes that Bitcoin could be a potent defense against cybersecurity risks such as deepfakes. He speaks of a digital “civil war” currently in progress, propelled by billions of fraudulent accounts stirring discord among genuine users of digital platforms. Saylor boasts over 3 million followers on Twitter and gains nearly 2,000 fake followers daily. He recounts an instance where “1500 bot accounts were removed from my account in less than an hour – all bots.” Saylor believes that Decentralized Identities (DIDs) solve deepfakes and various other digital trust issues.

Bitcoin price prediction

On Monday, Bitcoin experienced a 3% surge, trading at $28,068. This marks the first time since May 10 that the world’s largest cryptocurrency has surpassed the $28,000 threshold. Bitcoin’s upward trajectory has continued for five consecutive days, including a robust performance on Monday. A significant obstacle for Bitcoin lies at the $28,300 level, as indicated by the four-hour chart’s ‘double tap’ pattern. The recurring closures of candles below this level might signify exhaustion among buyers, indicating a potential handover of market dominance to sellers. Key indicators such as the RSI and MACD are currently in the overbought territory, with the RSI hovering close to 76.75 and the MACD forming long-lasting histograms near 171. However, the considerable difference between the 50-day EMA, roughly $27,000, and Bitcoin’s current trading price near $28,000 indicate an overbought market, hinting at a possible adjustment in price.

If Bitcoin is unable to surpass the $28,300 barrier, investors may have a chance to speculate on a price decline, targeting a drop to $27,500 or even $27,000.

Alternatively, if Bitcoin successfully breaks through and establishes a position above $28,300, this could encourage investors to speculate on a price increase, with an initial target of $29,000 and potentially higher at around $29,450.

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