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Bitcoin’s Bullish Trend Eyes Resistance Beyond $27,200

Bitcoin’s trajectory recently experienced a notable upswing, breaking past the resistance benchmarks at $26,500 and $26,700. The cryptocurrency trades beyond $26,700, surpassing the 100 hourly Simple moving average. This progression is indicative of a bullish momentum, further underlined by a prominent bullish trend line on the BTC/USD hourly chart with foundational support nearing $26,800, as data from Kraken demonstrates.

Moreover, the BTC rally showcased its might by pushing past the $27,200 barrier, with the price peak settling at approximately $27,312. While there has been some price consolidation post this surge, a minor retracement under the 23.6% Fib level from the rise of $26,100 to $27,312 was observed.

With Bitcoin maintaining its position above the 100 hourly Simple moving average and $26,700, coupled with the bullish trend line’s support close to $26,800, the immediate resistance to watch is around the $27,200 mark. Successive resistance might be encountered near $27,500. Breaking past this could pave the way for Bitcoin to challenge the $28,200 resistance and potentially even aim for $28,500.

However, a downward correction might ensue if the bulls lose steam and Bitcoin can’t breach the $27,200 resistance. Immediate support in such a scenario hovers around the $26,800 mark, consistent with the trend line. A deeper dive could find support at $26,500, coinciding with the 50% Fib level from the surge of $26,100 to $27,312. Descending and closing beneath this level could herald a sharper decline, with the subsequent safety net present at $26,000 and, in the case of extended losses, potentially down to $25,400.

On the technical front:

Hourly MACD: The MACD appears to be decelerating in its bullish stance.

Hourly RSI: The RSI for BTC/USD floats above the midpoint, currently above 50.

Key Support Levels: Immediate cushion costs $26,800, followed closely by $26,500.

Principal Resistance Levels: Challenges lie at $27,200, $27,500, and $28,000.

 

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