Bitcoin Price Gains Momentum, Eyes $26,800 Resistance Level

Posted Monday, June 19, 2023 by
Arslan Butt • 1 min read

Bitcoin’s price is showing strength as it surpasses the crucial $26,000 resistance level. The cryptocurrency has the potential to continue its upward movement if it manages to break above the key resistance zone around $26,800.

BTC remained resilient above the $25,500 support zone, initiating a fresh recovery and breaching the $26,000 mark. The bulls further propelled the price above $26,500, reaching a high near $26,793 before entering a consolidation phase. Currently, BTC is trading near the 23.6% Fibonacci retracement level of its recent upswing, with the 100-hourly Simple Moving Average acting as crucial support.

To sustain the bullish momentum, Bitcoin must overcome the resistance near $26,650, followed by a significant hurdle at $26,800. Surpassing this level could pave the way for further gains, with the next resistance near $27,200 and potentially $27,500.

In the event of a downside correction, immediate support lies around $26,300, while the trend line and the $26,200 level offer additional support. A more substantial support zone is situated around $25,750, marked by the 50% Fibonacci retracement level. Should the price continue to retreat, it might test the $25,200 level in the near term.

Overall, Bitcoin’s current price movement indicates a positive outlook, with potential for further upside if it successfully breaks through the resistance barriers. However, caution is advised as a failure to surpass the $26,800 resistance could trigger a corrective pullback.