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Bitcoin (BTC) Price Analysis for December 27

Mon, 03/27/2023 - 17:30
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Denys Serhiichuk
Can Bitcoin (BTC) keep rising faster than altcoins?
Bitcoin (BTC) Price Analysis for December 27
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The market is trading sideways on the first day of the week.

Top coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) has declined by 0.76% over the last 24 hours.

BTC/USD chart by TradingView

On the local chart, the rate of Bitcoin (BTC) is about to break the recently formed support at $27,710. If the breakout happens, the accumulated energy might be enough for a drop to the $27,200-$27,400 zone.

BTC/USD chart by TradingView

Despite yesterday's bullish candle, the price of Bitcoin (BTC) has once again failed to fix above the $28,000 zone, which is locally bearish. If the situation does not change, the decline may continue to the zone around $27,000.

BTC/USD chart by TradingView

From the midterm point of view, it is too early to make any predictions as the week has just started. If buyers manage to seize the initiative and get the price back above the $28,000 zone, there are high chances to see the breakout of the resistance at $28,936 soon.

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However, if sellers keep their pressure, there is a possibility to expect the test of the support at $26,707.

Bitcoin is trading at $27,798 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.