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Bitcoin Struggles to Surpass Key Resistance Levels, Potential for Fresh Upside

Bitcoin’s price has encountered hurdles around the $27,400 and $27,500 marks, impeding its upward momentum. However, the cryptocurrency remains above the $27,000 level and the 100 hourly Simple Moving Average (SMA), indicating a potential for a new surge. Recent developments, including a breakout above a significant bearish trend line and positive Ethereum movements, have garnered market attention.

Bitcoin has initiated a notable uptick from the $26,550 range, successfully surpassing the resistances at $26,850 and $27,000. Notably, this upward movement stimulated positive market sentiment for Ethereum as well. Furthermore, the hourly chart of the BTC/USD pair reveals a significant breakthrough, as a major bearish trend line with resistance near $27,140 was overcome, briefly pushing the pair above the $27,400 hurdle. However, the expected continuation of the bullish trend did not materialize, resulting in a subsequent decline from the high of approximately $27,511.

The cryptocurrency is trading above $27,000 and the 100 hourly SMA, while simultaneously testing the previously broken trend line at the $27,150 level. Looking ahead, the immediate resistance lies around $27,280, followed by the major hurdle at $27,400. The primary resistance point remains at $27,500. Should Bitcoin break above this crucial threshold, it may embark on a trajectory toward the $28,200 resistance zone.

Further, a key resistance looms near $28,500 along the upward path. Surpassing this level could ignite a strong rally toward the $29,200 resistance, potentially paving the way for a surge toward the $30,000 mark. However, failure to breach the $27,500 resistance barrier may result in another downward spiral for Bitcoin.

On the downside, immediate support is expected around the $27,000 level and the 100 hourly SMA. Additionally, the 50% Fibonacci retracement level, derived from the upward movement between the $26,536 swing low and the $27,511 high, aligns closely with the $27,000 mark. A breach below this level could lead to a revisit of the $26,850 support, and a further dip might prompt Bitcoin to retest the $26,550 range. In the near term, extended losses may bring the cryptocurrency’s value closer to the $26,000 level.

Bitcoin’s journey towards breaking key resistance levels has encountered recent setbacks, highlighting the challenges that lie ahead. However, the cryptocurrency remains above the $27,000 level and the 100 hourly SMA, maintaining a positive stance. Traders and enthusiasts are keenly monitoring the upcoming price action, with hopes for a potential bullish surge towards higher resistances. Nevertheless, the market remains cautious, considering the possibility of another downward move if the crucial resistance level at $27,500 remains unconquered.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.