Bitcoin Price Shows Positive Signs Above $27,000, Eyes Resistance at $27,400
Bitcoin's price is gradually climbing above the $27,000 mark, and a strong upward movement is anticipated if it surpasses the resistance zone at $27,200.
Bitcoin’s price is gradually climbing above the $27,000 mark, and a strong upward movement is anticipated if it surpasses the resistance zone at $27,200.
After finding support around the $26,500 level, Bitcoin formed a base and initiated a recovery above the $26,850 resistance area.
The price broke the 50% Fibonacci retracement level of the recent decline from the $27,269 swing high to the $26,536 low. Currently, Bitcoin is trading above $27,000 and the 100-hour Simple Moving Average, displaying several positive signs above this level.
Immediate resistance is observed near $27,100, close to the 76.4% Fibonacci retracement level. Furthermore, a crucial bearish trend line is forming with resistance around $27,150 on the BTC/USD hourly chart. A successful close above this trend line could propel the price toward the $27,400 resistance zone.
If Bitcoin fails to clear the $27,150 resistance, it may experience another decline. Initial support lies near $26,900 and the 100-hour Simple Moving Average. The next major support zone is around $26,550, and a break below it might lead to a retest of the $26,350 support level. In such a scenario, the price could potentially drop toward $25,800, and further losses could target the $25,500 level in the near term.
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