Bitcoin’s price has held well above the $25,000 support level. Bitcoin began another steady rise and was able to break through the $26,500 barrier zone, outperforming altcoins like Ethereum and Ripple.
The price broke through the $27,500 and $28,000 barrier levels. The price has reached a new multi-week high of $28,450 and is now reversing gains. Below the $28,200 and $28,000 levels, there was a slight negative correction.
Bitcoin is presently trading over the $27,000 mark and above the 100 hourly simple moving average. It is also far above the 23.6% Fib retracement level of the upward run from the swing low of $23,913 to the high of $28,450.
In the hourly chart of the BTC/USD pair, a key bullish trend line is forming with support near $27,100. To the upside, an immediate resistance level is approaching $28,000. The next significant resistance is near the $28,500 level, or the recent high.
A closure above the $28,500 barrier level could spark a new rise. In the given scenario, the price may rise to $29,500. The next significant resistance is near the $29,800 level, above which the price may challenge the $30,000 mark.
If bitcoin fails to break over the $28,500 barrier level, it may begin a downward trend. To the downside, there is immediate support near $27,400.
The price may possibly test the 100 hourly simple moving average if it falls below the trend line and $27,000. The next big support is around $26,200. Any further losses could push the price up to the $25,000 mark.