Bitcoin (BTC) Could Reach $28,000 If This Occurs: Insights from U.Today

Bitcoin, the largest cryptocurrency by market capitalization, experienced an uptick today, reaching highs of $26,460 during trading. Generally, the cryptocurrency has stayed below the $26,000 mark as traders awaited the SEC’s decision regarding the launch of a spot Bitcoin ETF in the United States. Historically, September has been a challenging month for Bitcoin, with negative returns recorded every year since 2016. So far, 2023 appears to be following this trend.

In today’s trading, Bitcoin’s surge past $26,000 coincided with a buy signal from the well-known TD Sequential indicator, which indicated a buy signal on Bitcoin’s three-day chart.

In this context, some analysts suggest that if Bitcoin manages to close above $26,800, it could potentially rise to $28,000. Conversely, a drop below $25,300 would negate this optimistic outlook.

At the time of this report, Bitcoin had gained 1.08% over the last 24 hours, sitting at $25,909.

### Bitcoin Bulls Face Challenges

As mentioned earlier, Bitcoin is confronting a difficult scenario, particularly because September has historically been a bearish month for the cryptocurrency. Additionally, Bitcoin is on pace to create its first bearish death cross signal on its daily chart since January 2022.

Trading activity for cryptocurrencies hit its lowest level of the year in August, which may reflect declining interest among investors. Reports indicate that the aggregate monthly volume for spot and derivatives trading dropped by 11.5% to $2.09 trillion, marking the second-lowest monthly volume since October 2020.

This lack of enthusiasm seems to be spilling over into September, with Bitcoin remaining relatively stable for much of the early weeks of the month.

In summary, while Bitcoin bulls are facing significant challenges in breaking through current resistance levels, there remains the potential for upward movement.