Bitcoin Surges Past $28,000 in Price Hike
Bitcoin (BTC) has returned to the $28,000 level as of March 29, and the latest move has propelled the cryptocurrency market to a five-day high. Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD reached $28,159 on Bitstamp, a spike that was caused by short squeezes on exchanges. The shorts were “blown out” to remove resistance and allow for higher levels to bounce back. Meanwhile, analysts suggest that bullish momentum will need to gather some serious buying power for the short-term upside move to continue. The previous consensus was that BTC/USD would test lower support levels, mainly focusing on the 200-week moving average around $25,500. These views, opinions, and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
