Bitcoin Struggles Below $28,000 Amid Israel-Hamas Conflict"
Over the weekend, Bitcoin couldn't breach the $28,000 mark, largely due to the Israel-Hamas conflict causing investor caution. The global crypto market also saw a slight dip to $1.09 trillion. Positive US job numbers briefly boosted Bitcoin, pushing it near $28,000.
Bitcoin is now poised to challenge the $28,000 barrier, reflecting improved market sentiment. The Israel-Hamas tension is adding uncertainty, potentially enhancing Bitcoin's security.
Crypto expert Jason Pizzino believes Bitcoin's value could rise further if the US Dollar Index (DXY) stays below a crucial level. However, a 50% Fibonacci resistance for the dollar could impact this.
Despite the struggle, more Bitcoin moved from exchanges to private wallets over the weekend, reducing selling pressure. However, Bitcoin's unique addresses hit a six-week low, indicating low activity.
Bitcoin's technical analysis places its pivot at $27,348, with resistance at $28,350. Surpassing this could target $29,400 and $30,785, while support may be found at $26,630, $25,260, and $24,556. The Relative Strength Index (RSI) sits at 48, indicating a slight bearish bias. Staying above the 50-day Exponential Moving Average (EMA) of $27,500 could maintain a bullish trend.
In summary, Bitcoin's bullish trend hinges on staying above $27,500. Favorable conditions might lead it to surpass $28,500.