Bitcoin’s trajectory in the recent recovery showed a clear intent from bulls to target the $28,000. While it hit some important milestones in its big to reach this level, it has been unsuccessful in reclaiming it. The tug-of-war between the bears and the bulls continues as the fight for control wages on. Given this, there is now a critical technical level that the price of bitcoin must clear before it is able to continue on its campaign to reach $28,000. Capitulate And Breakout Bitcoin has held considerably better than what was predicted for the digital asset a couple of weeks ago. Going by the previous bear markets, it was expected that the price would quickly reverse following a small recovery. But instead, bitcoin has been able to grow as high as $25,000 in this time, although it was unable to hold this level. This shows the resilience of bitcoin even when the market looks unfavorable. Related Reading: Bitcoin And Ethereum Retrace Before Crypto Sentiment Could Reach “Greed” However, the bitcoin price has been unable to reach an essential point that bulls were trying to get it to, which is the $28,000 level. Instead, it had encountered resistance at $25,000 and had been pushed back down towards the $23,000. What bitcoin needs at this point is to break the May capitulation levels of $25,000. This spot had held up quite well during the fall from $30,000, and bears have now made this a point of resistance for the digital asset ...
