Bitcoin price found support near the $27,200 zone. BTC is now rising and might accelerate higher if it clears the $27,850 resistance zone.
- Bitcoin is attempting a fresh increase from the $27,200 support.
- The price is trading above $27,500 and the 100 hourly Simple moving average.
- There is a key rising channel forming with resistance near $27,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further and revisit $28,500 if it clears the $27,850 resistance zone.
Bitcoin Price Holds Support
Bitcoin price found support near the $27,200 level after a downside correction. BTC remained well-bid and recently started a fresh increase above $27,400.
There was a move above the 23.6% Fib retracement level of the downside correction from the $28,565 swing high to the $27,188 low. Besides, the price surpassed the $27,650 resistance and the 100 hourly Simple moving average.
However, the bears were active near the $27,850 resistance. BTC struggled near the 50% Fib retracement level of the downside correction from the $28,565 swing high to the $27,188 low.
Bitcoin is now trading above $27,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $27,850 level. There is also a key rising channel forming with resistance near $27,850 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The next key resistance could be near the $28,000 level. A close above the $28,000 resistance could start another increase. In the stated case, the price could climb toward the $28,500 resistance. Any more gains might call for a move toward the $29,200 level.
Another Decline In BTC?
If Bitcoin fails to continue higher above the $27,850 resistance, there could be another decline. Immediate support on the downside is near the $27,500 level and the 100 hourly Simple moving average.
The next major support is near the $27,400 level. The main support is now near $27,200. A downside break and close below the $27,200 level might send the price toward $26,800 in the near term. The next support sits at $26,200.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $27,500, followed by $27,200.
Major Resistance Levels – $27,850, $28,000, and $28,500.
- 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. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.bitcoinnewsminer.com/bitcoin-price-could-restart-increase-if-it-clears-this-key-resistance/
- :is
- 000
- 1
- 100
- 200
- 23
- 400
- 50
- 500
- a
- above
- accelerate
- active
- After
- also
- and
- Another
- any
- At
- attempting
- average
- BE
- Bears
- below
- besides
- Bitcoin
- Bitcoin Price
- Break
- BTC
- BTC/USD
- Bullish
- by
- call
- case
- Channel
- Chart
- climb
- Close
- continue
- could
- data
- Decline
- downside
- fails
- followed
- For
- found
- fresh
- fresh increase
- from
- further
- Gains
- High
- higher
- holds
- HTTPS
- if
- immediate
- in
- Increase
- index
- Indicators
- IT
- Key
- key resistance
- Kraken
- Level
- levels
- losing
- Low
- MACD
- Main
- major
- max-width
- might
- more
- move
- moving
- moving average
- Near
- NewsBTC
- next
- now
- of
- on
- Pace
- pair
- plato
- Plato Data Intelligence
- PlatoData
- price
- recently
- relative
- relative strength index
- remained
- Resistance
- retracement
- Rise
- rising
- rsi
- send
- Simple
- sits
- start
- started
- stated
- strength
- support
- support levels
- surpassed
- Swing
- term
- The
- There.
- this
- to
- toward
- Trading
- TradingView
- Upside
- was
- were
- with
- zephyrnet