Bitcoin Shatters Key Barrier, Eyes Next Critical Resistance: Can it Break Through?

investing.com:

Bitcoin, which had been experiencing a gradual recovery for over a month, has managed to pull off a significant breakthrough, overcoming the crucial $28,000 resistance level

This surge in Bitcoin's performance was driven by heightened volatility earlier in the week, sparked by the hotly-anticipated Bitcoin ETF approval news, which turned out to be fake eventually.

The market's rapid reaction to this news, originating from a highly respected crypto media source, resulted in a swift ascent of Bitcoin's value from $27,000 to $30,000, representing a remarkable 10% increase.

It is worth noting that this occurrence highlights the market's heightened sensitivity to Bitcoin ETF developments, while also emphasizing the importance of the cryptocurrency finding support in the $28,000 range, even after the initial surge was partially curbed by BlackRock (NYSE:BLK)'s disavowal of the news.

Currently, Bitcoin further increased its upward momentum on the last trading day of the week after recovering close to 1.5% in yesterday's trading. Bitcoin, which started to see support at the $28,000 limit for the rest of the week, closed above the resistance formed at $28,600 on average in the short-term outlook with yesterday's positive close.

As the positive trend accelerated today, Fib 0.618 resistance, which corresponds to $29,000 according to the July-September correction starting at $31,000, was quickly passed. As a result, Bitcoin broke the resistance line in the range of $28,600 — $29,000 before the weekend with volume transactions.

Today, it is seen that the gap formed in the retracement at the beginning of the week has started to close, while the Fib 0.786 level at $ 30,000 is on the radar according to the short-term Fibonacci