Bitcoin’s price has gradually increased and has surpassed the crucial $26,500 resistance level. The cryptocurrency trades above $26,500 and the 100 hourly Simple Moving Average, indicating a positive trend. On the hourly chart of the BTC/USD pair from Kraken, a key bullish trend line is forming, providing support for around $26,600.
Bitcoin must break through the resistance levels at $27,200 and $27,500 to further strengthen its upward momentum. If successful, this could pave the way for additional gains. However, despite briefly spiking above $27,000, the lack of strong bullish momentum resulted in a correction. The price dipped below the $27,000 support level and is now trading below the 23.6% Fibonacci retracement level of the recent increase, from a swing low of $26,253 to a high of $27,184.
Nonetheless, Bitcoin remains above $26,500 and the 100-hourly Simple Moving Average, which is a positive sign. The bullish trend line near $26,600 further supports the upward trajectory. Looking ahead, the $27,200 level poses immediate resistance, followed by a major hurdle at $27,500. A successful close above this level could trigger further bullish movements in the short term, with the next significant resistance near $28,500 and a potential push toward the $29,200 resistance zone.
A downward movement could be expected if Bitcoin fails to break the $27,200 resistance level. The initial support lies around $26,700, followed by the key support at $26,600, coinciding with the trend line. This support area aligns closely with the 61.8% Fibonacci retracement level, based on the recent rise from $26,253 to $27,184. The primary support now rests at $26,250, and a breach of this level could trigger bearish momentum toward $25,750. Further losses might lead to a decline toward $25,200 in the near term.
From a technical standpoint, the hourly Moving Average Convergence Divergence (MACD) indicator suggests that the bullish momentum is slowing down. However, the hourly Relative Strength Index (RSI) for the BTC/USD pair remains above 50, indicating a favorable position.
Bitcoin has shown bullish momentum, surpassing the critical $26,500 resistance level. With key support levels and a bullish trend line, the cryptocurrency is poised for further upward movement if it can overcome the $27,200 resistance. Conversely, a failure to break this level may lead to a downward correction, with essential support levels at $26,600 and $26,250.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.