The Bitcoin price appears poised for a potential upswing, targeting the resistance level at $28,500. A robust surge could be initiated if BTC successfully breaches the $28,500 resistance area.
Bitcoin is currently maintaining its gains and displaying favorable indications above the $27,450 level. The price is trading above $27,800 and remains above the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a short-term descending channel is taking shape, with resistance forming near $27,980. This suggests that in the near future, the pair may retest the $28,500 resistance zone.
Bitcoin Price Sets Sights on Further Gains
Bitcoin price initiated a downward correction following its inability to break through the $28,500 resistance area. BTC slipped below $28,000 and underwent a test of the $27,200 support region.
The most recent low was established around $27,185, and since then, the price has been on the rise once again. It managed to surpass both the $27,400 and $27,500 resistance levels. A peak was reached near $28,284, and currently, the price is consolidating gains beneath the 23.6% Fibonacci retracement level of the recent upswing, which extended from the $27,185 swing low to the $28,284 high.
At present, Bitcoin is trading above $27,800 and the 100-hourly Simple Moving Average. The price is testing the $28,000 resistance zone, and there is a short-term descending channel taking shape, with resistance around $27,980, as indicated on the hourly chart of the BTC/USD pair.
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The initial hurdle on the upward path lies around the $28,000 mark. Following that, the next significant resistance could potentially be encountered near the $28,500 level. A decisive breakthrough above the $28,500 resistance might pave the way for a fresh upward move. In such a scenario, the price could advance towards the $29,200 resistance level. Further gains could potentially set the stage for a move toward the $30,000 threshold.
Is BTC Facing Yet Another Rejection?
If Bitcoin fails to sustain its upward momentum above the $28,000 resistance, it could undergo a fresh decline. Immediate support on the downside is situated near the $27,800 level, aligned with the 100-hourly Simple Moving Average.
Subsequently, the next noteworthy support level can be found around $27,450. The primary support, however, is currently establishing itself near the $27,200 mark. A break below and a close beneath the $27,200 level could potentially lead to further downward movement, with the price possibly testing $26,650 in the near term. Beyond that, the next support zone is located at $26,200.
Technical indicators:
- Hourly MACD: The MACD is showing increased bullish momentum.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is presently above the 50 level.
Key Support Levels: $27,800, followed by $27,200.
Key Resistance Levels: $28,000, $28,500, and $29,200.