Bitcoin price remained strong above the $25,500 zone. BTC could soon attempt a recovery wave above the $26,500 resistance zone in the near term.
- Bitcoin is still consolidating above the $25,500 support zone.
- The price is trading near $26,050 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance near $25,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a decent increase if there is a clear wave above the $26,500 resistance.
Bitcoin Price Eyes Recovery
Bitcoin price started another decline below the $25,800 zone. BTC spiked below the $25,600 and $25,500 levels. However, downsides were limited below the $25,350 level.
A low was formed near $25,359 and the price started a fresh increase. There was a move above the $25,500 and $25,600 levels. The price climbed above the $26,000 level and tested $26,150. Besides, there was a break above a connecting bearish trend line with resistance near $25,900 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading near $26,050 and the 100 hourly Simple moving average. It is also above the 23.6% Fib retracement level of the recent increase from the $25,359 swing low to the $26,155 high.
Immediate resistance is near the $26,150 level. The next major resistance is near $26,250. A close above the $26,250 resistance might send the price toward the $26,500 resistance zone.
Source: BTCUSD on TradingView.com
If the bulls push the price above $26,500, there could be a move toward the $27,000 resistance zone. Finally, to start a decent increase, the price must settle above the $27,000 zone. A close above the $27,000 resistance could start a decent increase toward the $27,800 resistance zone. Any more gains might set the pace for a larger increase toward $28,150.
Another Decline In BTC?
If Bitcoin fails to clear the $26,250 resistance, it could start another decline. Immediate support on the downside is near the $25,850 zone.
The next major support is near the $25,550 level or the 76.4% Fib retracement level of the recent increase from the $25,359 swing low to the $26,155 high. A downside break below the $25,550 level might push the price again into a bearish zone. In the stated case, the price could drop toward $25,000.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $25,850, followed by $25,550.
Major Resistance Levels – $26,250, $26,500, and $27,000.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://www.newsbtc.com/analysis/btc/bitcoin-bulls-pushing-26500/
- :is
- 000
- 1
- 100
- 23
- 250
- 50
- 500
- a
- above
- again
- also
- and
- Another
- any
- average
- BE
- bearish
- below
- besides
- Bitcoin
- bitcoin bulls
- Bitcoin Price
- Break
- BTC
- BTC/USD
- Bullish
- Bulls
- by
- case
- Chart
- clear
- Climbed
- Close
- Connecting
- consolidating
- could
- data
- decent
- Decline
- downside
- downsides
- Drop
- Eyes
- fails
- Finally
- followed
- For
- formed
- fresh
- fresh increase
- from
- gaining
- Gains
- High
- However
- HTTPS
- if
- immediate
- in
- Increase
- index
- Indicators
- into
- IT
- Keep
- Kraken
- larger
- Level
- levels
- Limited
- Line
- Low
- MACD
- major
- max-width
- might
- more
- move
- moving
- moving average
- must
- Near
- NewsBTC
- next
- now
- of
- on
- or
- Pace
- pair
- plato
- Plato Data Intelligence
- PlatoData
- price
- Push
- Pushing
- recent
- Recover
- recovery
- relative
- relative strength index
- remained
- Resistance
- retracement
- rsi
- send
- set
- settle
- Simple
- Soon
- start
- started
- stated
- Still
- strength
- strong
- support
- support levels
- Swing
- term
- tested
- The
- There.
- this
- to
- toward
- Trading
- TradingView
- Trend
- was
- Wave
- were
- why
- with
- zephyrnet