The Bitcoin price is gradually ascending beyond the $26,200 resistance level, with the potential for a bullish surge contingent on achieving a daily close above the $26,500 resistance.
Bitcoin is exhibiting several positive signals above the $26,200 threshold. Currently, the price is trading above $26,000 and is supported by the 100-hourly Simple Moving Average. Additionally, an upward-trending bullish line is forming, offering support in the vicinity of $26,050 on the hourly BTC/USD chart (data sourced from Kraken).
If the price can secure a close above $26,500 and subsequently surmount $27,000, it could initiate a fresh and robust rally.
The Bitcoin price is contemplating an upward breakout.
The Bitcoin price demonstrated strong support above the $25,500 level, establishing a foundation before initiating a recent upward movement beyond the $26,000 resistance zone.
During this ascent, there was a notable surge above the $26,500 resistance zone, although it did not result in a sustained close beyond this level. The price reached as high as $27,212 before experiencing a sharp bearish reversal, causing it to dip below the $26,650 threshold.
Subsequently, Bitcoin retraced below the 23.6% Fibonacci retracement level of the recent upward swing, calculated from the $24,925 swing low to the $27,212 high. At present, Bitcoin is trading above $26,000 and is supported by the 100-hourly Simple Moving Average. Additionally, a bullish trend line is forming, providing support in the vicinity of $26,050 on the BTC/USD hourly chart.
Immediate resistance on the upside can be found near the $26,500 level, with the first major resistance level situated around $26,650.
The following notable resistance point could be around the $27,200 mark. If there is a conclusive close above $26,500, followed by a breakthrough beyond $27,200, it could initiate a substantial uptick. Beyond that lies a significant hurdle near $28,000, which, if surpassed, may empower the bulls. In such a scenario, the price could potentially aim for testing the $28,800 level.
Fresh Drop In BTC?
Should Bitcoin fail to initiate a fresh uptick, with the $26,500 resistance remaining unbroken, it could potentially continue its descent. Immediate support on the downside is situated around the $26,050 level and corresponds to the established trend line.
The subsequent significant support can be found near the $25,800 level, which also aligns with the 61.8% Fibonacci retracement level, calculated from the upward movement spanning from the $24,925 swing low to the $27,212 high. If the price experiences a downturn, breaching and closing below the $25,800 level could set the stage for a decline towards the pivotal support at $25,550.
As for the technical indicators, the hourly MACD indicates a slowdown within the bullish zone, while the hourly RSI (Relative Strength Index) for BTC/USD is currently above the 50 level.
Key Support Levels:
- $26,050
- $25,800
Key Resistance Levels:
- $26,500
- $26,650
- $27,200