Bitcoin Stays Bullish On Daily If It Holds Above $28k, Says Analyst

Although up 2.7% for the day, the price of bitcoin is still below $28,000. The cryptocurrency has experienced a number of sharp fluctuations over the past few weeks, and it is currently down 8% from its latest peak of $29,500.

If Bitcoin Maintains Above $28,000, Analyst Remains Bullish

Since February 21st, the cryptocurrency has been unable to break over a crucial resistance level at $28,000, and it appears that this situation will persist for some time. Since then, there has been no indication that Bitcoin will move higher or lower; it has been trapped in an extremely small range.

As long as it stays over $28,000, Goldman Sachs analysts—who have set their own price objective for bitcoin at $30k—say the cryptocurrency is ripe for a breakout shortly. In today's note, we see this as an important technical level. In addition, they state that they think there is still room for growth if bitcoin manages to rise above that mark, which would return it to positive territory following a five-day decline of nearly 30% in value (from $29k on February 14th).