According to the latest report from Arcane Research, if Bitcoin holds the $20,700 level, the price will soon be in the $27,000-$28,000 range.
According to the company analysts, a series of increasing local minima has been forming since July.
The uptrend encountered resistance at $24,000. After that, there was a correction to the levels below $23,000.
The experts have said:
“If Bitcoin falls below $20,700, it will mark a lower low. This is a bearish signal in the context of technical analysis.”
If the asset remains above the above level, the price will fix another rising local minimum. This will open up the potential to continue moving towards the $27,000-$28,000 range.