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Bitcoin Breakout Puts $28K in View

The cryptocurrency's swift move above a resistance level dating back to August 2022 has strengthened the case for a continued rally.

By Omkar Godbole

Updated Mar 18, 2023, 4:41 p.m. Published Mar 17, 2023, 7:31 a.m.

Bitcoin's daily chart shows a bullish breakout. (Matrixport)

Having cleared a major resistance level during Friday's Asian trading hours, bitcoin (BTC) is looking north.

The top cryptocurrency rose past $25,000, breaching the resistance dating back to August 2022 that also capped gains last month.
The move has shifted the focus to the next technical hurdle above $28,000.
"Bitcoin has now the chance to climb to the next technical level, which is situated at $28,000," Markus Thielen, head of research and strategy at crypto financial-services firm Matrixport, said.
"Within larger price swings, bitcoin has rallied, reacted and retested from $4,000 point increments – $16k, $20k, and $24k – from which the current breakout is now targeting $28K," Thielen added.
Wall Street's tech-heavy Nasdaq index rose 2.6% on Thursday, confirming a bullish pattern on the daily chart, according to chartered market technician Aksel Chibar. Bitcoin tends to move more or less in line with the rate-sensitive technology stocks.

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Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.