Traders call for a stronger retracement on the BTC relief rally but consider the $28k target as not far-fetched.
The BTC/USD pair gathered around $1,300 overnight and was trading at $24,726 at the time of writing, missing the crucial resistance at $25,000 once again. Fresh analysis reveals that Bitcoin may return to its $20,000 levels despite testing multi-month highs.
BTC/USD price chart at a 1-hour time frame
As such, traders are ready to wait and buy BTC even at a higher spot price to rule out any correction. BTC remains the preferred choice among the traders despite ETH booking higher profits and crossing the $2,000 mark. Ethereum’s market cap, during the same time, has crossed 20%, while BTC’s has fallen below 40%.