Bitcoin, the world's largest cryptocurrency, remains resilient in the week when important economic data will be announced.
So much so that the tension between Israel and Hamas and the Ethereum Foundation's sale of 1,700 ETH created a selling pressure on BTC and altcoins.
At this point, while the bulls liquidated over $100 million in long positions with the decline, Bitcoin fell to the level of $27,200.
However, BTC proved more resilient compared to altcoins and struggled to maintain an important support level at $27,500.
The largest altcoin outside BTC, ETH, fell by about 3%, XRP by 3%, and Solana (SOL) by about 5%.
While investors were wondering in which direction BTC would move amid the uncertainties in the crypto market, FxPro analysts evaluated Bitcoin's movements.
Analysts speaking to Coindesk stated that they expect an increase for Bitcoin and said that BTC must break $ 28,000 before it starts to rise.
“Technically, Bitcoin remains in an uptrend, but it encountered resistance at the 200-day moving average over the weekend.
Therefore, all eyes are on whether BTC can successfully consolidate above the 200-day moving average of $28,000.
“If this breakdown occurs, we can expect a rapid rise in Bitcoin up to $29,500.”
*This is not investment advice.