Key resistance remains intact after being tested

19 באוק׳ 2023

BTCUSD
The absolute level of key resistance, however, remains intact, the level is at $28,737 and marks the long-term 61.8% Fibonacci retracement from the 2020 low to the 2021 all-time high. This level has served as support and resistance in several of the most important price moves over the past several years such as the triple bottoms formed between the two all-time highs in 2021 and opened the floodgates towards $15,000 Bitcoin’s local bottom formed 1-year after hitting the ATH in November 2022. Although pricing has once again found unsurmountable resistance at this level the fact that it was taken out on the ETF rumor is solid evidence that it will undoubtedly not remain as the ceiling in price once an ETF approval is formally announced.