Despite a massive influx of 14,924 BTC into Kraken, the highest level since 2018, Bitcoin price is still struggling for support at $28,000.



Bitcoin price is barely in the green, up 0.6% in the past 24 hours to trade at $27,227 on Friday. This week’s pullback from highs above $28,000 has sparked discussions about pre-bull run bottom levels.

Some analysts, such as Rekt Capital, say that if $31,000 is the 2023 peak, it will take several months for the Bitcoin price to reach that level again.

However, he encouraged investors to continue building positions ahead of the 2024 halving, noting that this may be the only time to buy BTC in the $20,000 range as prices will be higher after the miner reward halving.



Can Bitcoin Price Break Through $30,000?

Bitcoin bulls are doing all they can to prevent an extended decline below $27,000. As long as this support is secured, investors are encouraged to hold their positions without worrying about a possible drop to the $26,500 and $25,000 support areas.

The 100-day exponential moving average (EMA) shows that buyers have the upper hand with an immediate support at $27,346. On the upside, the bulls are engaged in a fierce tug-of-war with the bears to break the $28,000 resistance level while a declining trendline is in place.

Bitcoin has been rejected by this trend multiple times since July, which means that until it is broken, the chances of returning to $30,000 are slim.



The Relative Strength Index (RSI) is rising within the neutral 0.000 region towards the overbought zone, showing a bullish outlook. The bullish divergence against the BTC price reinforces the presence of bulls in the market.

Another upcoming buy signal is the golden cross. This pattern occurs when a short-term moving average crosses above a long-term moving average. In the case of Bitcoin, the 50-day moving average is about to cross above the 200-day moving average to confirm an uptrend.

14,924 BTC flowed into Kraken exchange

According to data from on-chain analytics platform CryptoQuant, a record 14,924 BTC has been deposited into the Kraken exchange. An analyst at the firm said the influx of Bitcoin “deserves special attention as it is the largest on Kraken’s records since 2018.”

Investors send cryptocurrencies to exchanges with the intention of selling them early or at a profit. Therefore, such a large inflow means selling pressure could be imminent.



At this point, investors may want to check several options as they endure the bear market. For example, regaining support above $28,000 could push Bitcoin price closer to $30,000. On the downside, losing support at $27,000 could stall the uptrend and trigger a sell-off towards $25,000. #BTC #ETH