The price of Bitcoin is currently facing difficulties in surpassing the resistance level of $27,500. However, there is a possibility of another upward movement if it manages to maintain its position above the support level of $27,000.
The price of Bitcoin continues to face challenges in surpassing the key levels of $27,400 and $27,500. Currently, the price of bitcoin trading is above $26,700, and the 100 hourly Simple Moving Average, indicating some stability. On the hourly chart of the BTC/USD pair, there was a notable breakthrough of a significant bearish trend line with resistance near $27,140.
The data feed is sourced from Kraken. If the price of Bitcoin manages to sustain its position above the pivotal level of $26,500, there is a possibility of initiating a fresh upward movement.
The Price of Bitcoin has Returned to Test a Support Level
The price of Bitcoin initiated a notable increase starting from the $26,500 zone. It successfully surpassed the resistance levels of $26,800 and $27,000, which also triggered positive movements in Ethereum.
During this upward movement, an important bearish trend line with resistance near $27,100 was broken on the BTC/USD pair’s hourly chart. The pair briefly exceeded the $27,400 resistance level but failed to sustain further upside momentum. The price reached a high near $27,511 and has since started to decline.
The price of Bitcoin’s downward movement led to a breach of the 23.6% Fibonacci retracement level, calculated from the swing low of $26,530 to the high of $27,510.
Currently, the Bitcoin price is trading above $26,700 and the 100 hourly Simple Moving Average, while also testing the previously broken trend line at $27,150.
On the upside, the immediate resistance level is around $27,300, followed by a major resistance at $27,400. The primary resistance still remains near $27,500. If the price manages to close above the resistance zone of $27,500, it could potentially move toward the next resistance at $28,200.
The upcoming significant hurdle for Bitcoin is around the $28,500 mark. If the price manages to surpass this resistance, it could potentially trigger a robust upward movement toward the $29,200 resistance level. Further gains might even propel the price toward the $30,000 mark.
Is Bitcoin facing a new Decline?
On the other hand, if the price of Bitcoin fails to break through the $27,500 resistance, it could experience another decline. Immediate support on the downside is expected around the $26,500 level and the 100-hourly Simple Moving Average.
Additionally, the 50% Fibonacci retracement level, calculated from the swing low of $26,500 to the high of $27,500, coincides with the $27,000 support level. The subsequent major support is located near the $26,500 to $26,800 zone, and a breach below that may lead to a revisit of the $26,500 support level. In the near term, further losses could potentially drive the price of Bitcoin towards the $26,000 level.
Here are Some Technical Indicators for Bitcoin
Key support levels to watch are $27,000, followed by $26,500.
Hourly RSI (Relative Strength Index) – The RSI for the BTC/USD pair is currently hovering around the 50 levels, indicating a neutral stance.
Hourly MACD – The Moving Average Convergence Divergence (MACD) indicator on the hourly chart is showing a slowdown in bullish momentum.
On the upside, significant resistance levels are located at $27,300, $27,400, and $27,500.
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