After recovering its bullish momentum, the largest cryptocurrency in the market, Bitcoin (BTC), briefly broke above its key resistance level of $28,700. However, the cryptocurrency retracted and returned to trading within its range formed in the last week between $27,600 and $28,500. Despite this choppy price action, a recent blog post by Justin Bennett, trader and analyst of the crypto market suggests that BTC has established “strong” horizontal levels, which are favorable for both scalpers and investors who prefer this period of range or consolidation in the market. Will These Horizontal Levels Hold A Potential Decline In BTC’s Price? Bennett further mentions that Bitcoin trades above the $28,130 pivot point on an hourly and 4-hour closing basis. Any attempt to retest this level will likely attract sellers, potentially triggering another run at the $27,650 support floor and potentially lower prices. Although the horizontal levels seen in the chart may provide opportu...
