Bitcoin set to brush against the $27.8k resistance again, will recent history repeat?

The indicators showed rising sell pressure over the past week, and the market structure of Bitcoin also highlighted the $28k area as a crucial resistance.

in May, which was partly due to investors realizing their profits from earlier purchases. However, the report noted that the exchange supply sank recently which likely suggested selling pressure might not continue.The price action of BTC showed that the $27.8k and $28.3k levels will be important resistances for bulls to beat. Bitcoin bulls must exercise caution upon a retest of this resistance and can brace for a downward move based on the recent trend.

One such lower high formed on 10 May when Bitcoin bounced to $28.3k before slumping to the $25.8k mark on 12 May. At the time of writing, the BTC bulls flipped the $26.8k level to support once more. The past five days saw reduced volatility. The Directional Movement Index saw the ADX slip below 20, to indicate the absence of a strong trend.

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