Bitcoin (BTC), the largest cryptocurrency by market capitalization, is struggling to break above the key resistance level it is encountering at $28,000 U.S.
Cryptocurrency analysts are watching key technical levels for Bitcoin following its recent breakout after largely trading sideways throughout the summer months.
The price of Bitcoin is currently hovering around $27,600 U.S. That’s above the $26,000 U.S. that the digital asset was stuck at between July and September of this year.
However, Bitcoin has failed to retake its recent high of $28,500 U.S. and its price continues to fall back each time it encounters resistance at the $28,000 U.S. level.
Analysts say $28,000 U.S. has emerged as a severe resistance level for Bitcoin. If the cryptocurrency can break above that key level and hold there, then a retest of $30,000 U.S. comes into play.
Ongoing concerns related to the military conflict in the Middle East and the outlook for interest rates could exert downward pressure on Bitcoin and other cryptos in the days ahead, warn analysts.
Ethereum, the second-largest digital token, is down less than 1% in trading today (October 10) and changing hands at $1,590 U.S.
