Bitcoin price is currently showing positive signs of holding gains above the $27,450 zone and is eyeing a fresh increase towards the $28,500 resistance. The cryptocurrency market has been quite volatile lately, with Bitcoin experiencing a downside correction after failing to clear the $28,500 resistance zone. However, the price has managed to find support near the $27,185 level and is now rising once again.
After declining below the $28,000 mark, Bitcoin tested the $27,200 support zone before bouncing back. The price then surpassed the $27,400 and $27,500 resistance levels and reached a high of around $28,284. Currently, Bitcoin is consolidating its gains below the 23.6% Fib retracement level of the recent increase from the $27,185 swing low to the $28,284 high. This consolidation phase suggests potential for further upward movement.
Bitcoin is now trading above $27,800 and the 100 hourly Simple Moving Average, indicating a positive trend. The immediate resistance on the upside is near the $28,000 level, with the next key resistance level being around $28,500. A close above this resistance level could potentially trigger another increase, with the price possibly rising towards the $29,200 resistance. Further gains might even lead to a move towards the $30,000 level.
On the downside, immediate support is expected near the $27,800 level and the 100 hourly Simple Moving Average. The main support level is now forming near the $27,200 level. If Bitcoin fails to continue higher above the $28,000 resistance, there may be a fresh decline. A downside break and close below the $27,200 level could push the price further lower towards $26,650 in the near term. The next support level after that sits at $26,200.
The hourly MACD (Moving Average Convergence Divergence) for Bitcoin is currently gaining pace in the bullish zone, indicating a potential upward movement. Additionally, the hourly RSI (Relative Strength Index) for BTC/USD is now above the 50 level, further suggesting a positive trend.
Despite facing resistance at the $28,500 level, Bitcoin is holding its gains and showing positive signs for a potential increase towards that resistance zone. If the price manages to surpass the $28,500 resistance, it could pave the way for further upward movement towards the $29,200 and $30,000 resistance levels. However, if the price fails to break above the $28,000 resistance, a fresh decline might occur, with support levels at $27,800, $27,200, and $26,650. The current technical indicators are also supporting a bullish scenario for Bitcoin in the near term.
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