Bitcoin Price Gains Momentum, Eyes $26,800 Resistance Level
Bitcoin's price is showing strength as it surpasses the crucial $26,000 resistance level.
Arslan Butt•Monday, June 19, 2023•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.
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ABOUT THE AUTHOR
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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