Impressive Rally Puts Bitcoin Above $24,000, But Is $28,000 Still Possible?

Bitcoin has rallied once more above $24,000. This impressive rally follows an intense week where the FOMC’s announcement has basically shown that the United States is now in a recession. Investors had flocked to the bitcoin off the back of the news, causing the digital asset to surge immensely during this time. As the digital asset has beat one important technical level, it remains to see if it can beat another. Accumulation Triggers Rally There are a lot of factors that usually trigger a rally, such as the one that has sent the price of bitcoin soaring high. One of those has been a renewed accumulation trend from investors who are flocking to the digital asset to provide cover during uncertain economic times. Such a rally, if it continues, can put the digital asset on a well-established bull trend. Related Reading | Bitcoin Bounces Off Consolidation Range, What Lies In Store? However, there are still obstacles in the way of bitcoin. This means that even though the digital asset continues to rise now, it could very well witness a reversal trend that sends it spiraling back downwards. To avoid such a fate, it is important that the sellers are completely cut out, replacing these investors and traders with more determined long-term holders. BTC's hold on $24,000 remains shaky | Source: BTCUSD on TradingView.com Whales have been a subset that has been trying to reverse the sell-offs. With the decline in bitcoin, it had p...