Bitcoin Price Correction: BTC Looks for Support at $27,500 to Resume Uptrend

Posted Tuesday, May 30, 2023 by
Arslan Butt • 1 min read

BITCOIN price is currently undergoing a correction after facing resistance near the $28,400 and $28,500 levels. The price has declined below the $28,000 support zone and the 50% Fib retracement level. Additionally, a major bullish trend line near $27,720 was broken.

However, BITCOIN is still trading above the key support level at $27,500 and the 100 hourly Simple Moving Average. The price is finding support near the 61.8% Fib retracement level. Immediate resistance is seen at $27,800, followed by the main resistance at $28,000.

A successful break above $28,000 could lead to a strong upward move towards the $28,500 and $29,200 resistance levels. Further gains may push the price towards $29,400 and the critical $30,000 resistance.

On the downside, if BITCOIN fails to clear the $28,000 resistance, it could extend the correction. Immediate support is near $27,580, with the next major support at $27,500. A break below this level may trigger bearish momentum towards $27,150 and the 100 hourly Simple Moving Average.

Overall, Bitcoin’s price movement near the $27,500 support level will be crucial in determining its next direction in the near term.

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