Bitcoin Price Edges Upwards, Eyeing Key Resistance Level for Potential Surge
Bitcoin is gradually gaining momentum and surpassing the $27,000 mark. The price is currently trading above $27,000 and the 100-hourly Simple Moving Average. On the BTC/USD hourly chart (data feed from Kraken), there is an important bearish trend line taking shape, with a hurdle around $27,150. If the pair successfully breaks the resistance levels at $27,200 and $27,400, it may initiate a significant upward movement.
Bitcoin Price Anticipates Breakout to the Upside
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Bitcoin price stayed strong and didn’t drop below $26,500. It found support and began to bounce back above the $26,850 resistance level.
Bitcoin price made a recovery and surpassed the halfway point of the previous downward move. It is currently trading above $27,000 and the 100-hourly Simple Moving Average, indicating positive signs.
The next obstacle for Bitcoin’s upward movement is around the $27,100 level, which is near the 76.4% retracement level of the recent downward move from the high of $27,269 to the low of $26,536.
The next significant hurdle for Bitcoin is around the $27,150 level. On the hourly chart of BTC/USD, there is an important downward trend line forming with resistance near $27,150. If the price manages to close above this trend line, it could potentially rise towards the $27,400 resistance zone.
Source: BTCUSD on TradingView.com
Another important level to watch for is around $27,550, as it could act as a significant resistance. If the price manages to break above this level, it may initiate a strong upward movement towards the $28,000 resistance. Further gains beyond that could potentially propel the price towards the $28,500 level.
Fresh Decline in BTC?
If the price of Bitcoin is unable to surpass the $27,150 resistance, it might experience a new downward movement. In such a case, there is immediate support around the $26,900 level and the 100 hourly Simple Moving Average, which could provide a cushion for the price against further declines.
If the price of Bitcoin falls below the $26,550 zone, the next significant support can be found around that area. If the price continues to decline, it could potentially revisit the $26,350 support level. In such a scenario, there is a possibility of further downward movement towards the $25,800 level. If the losses continue, Bitcoin may potentially reach the $25,500 level in the near future.
The technical indicators are showing positive signs for Bitcoin:
- The MACD on the hourly chart is in a bullish zone, indicating increasing upward momentum.
- The RSI (Relative Strength Index) for BTC/USD is now above the 50 level, suggesting a strengthening bullish sentiment.
Key support levels to watch are $26,900 and $26,550, which may provide a foundation for the price.
On the upside, major resistance levels to monitor are $27,150, $27,400, and $27,550. These levels could potentially hinder further price appreciation.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
