Bitcoin Price Poised for Recovery as it Tests Key Resistance at $26,200
Bitcoin's price has found support above the $25,500 level, indicating a potential rebound.
Bitcoin’s price has found support above the $25,500 level, indicating a potential rebound. The cryptocurrency is showing signs of a gradual uptick as it surpasses the $25,800 mark. A significant rising channel is forming, suggesting support near $25,750 on the hourly chart of BTC/USD .
Currently trading above $26,000 and the 100 hourly Simple Moving Average, Bitcoin faces resistance near $26,150. A breakthrough above the $26,200 resistance level could spark a fresh rally. The next key resistances lie at $26,775, $27,000, and $27,200, potentially leading Bitcoin towards the $28,000 zone.
However, failure to breach the $26,200 resistance might result in a downward move. Immediate support can be found near $25,780 and within the channel zone. The critical support lies at $25,500, and a break below this level could jeopardize the positive trend, potentially pushing the price towards $25,000 in the near term. Traders should closely monitor Bitcoin’s performance as it approaches these crucial levels.
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