Bitcoin Holds Strong Above $26,200 Level
The price of Bitcoin is displaying positive signs as it remains above the $26,200 level. Currently, Bitcoin is trading above $26,000 and the 100 hourly Simple Moving Average (SMA). On the hourly chart of the BTC/USD pair from Kraken, a bullish trend line is forming with support around $26,050.
Bitcoin Price Eyes Upside Break
Bitcoin’s price has stayed strong above the $25,500 support zone and has recently seen an increase above the $26,000 resistance zone. While there was a sharp spike above the $26,500 resistance, there was no close above it. The price reached a high of $27,212 but experienced a bearish reaction afterward, falling below the $26,650 level.
The price movement also went below the 23.6% Fibonacci retracement level of the upward move from the $24,925 swing low to the $27,212 high. However, Bitcoin is now trading above $26,000 and the 100 hourly SMA. Additionally, a bullish trend line can be seen with support near $26,050 on the BTC/USD pair’s hourly chart.
Source: BTCUSD on TradingView.com
If Bitcoin manages to achieve a close above the $26,500 level and break past $27,200, it may initiate a significant increase in its value. The next significant resistance lies around $28,000. However, if Bitcoin fails to surpass the $26,500 resistance level and continues to decline further down, immediate support can be found around the $26,050 level and the trend line.
Fresh Drop in BTC?
In the event that Bitcoin fails to start a fresh increase above the $26,500 resistance level, it may experience further decline. The next major support can be found near the $25,800 level or the 61.8% Fibonacci retracement level of the upward move from the $24,925 swing low to the $27,212 high. If the price breaks below and closes below the $25,800 level, it may head towards the key support level at $25,550.
Technical indicators show that the MACD is losing pace in the bullish zone on an hourly basis. Additionally, the Relative Strength Index (RSI) for BTC/USD is currently above the 50 level.
Major support levels are at $26,050 and $25,800, while major resistance levels are at $26,500, $26,650, and $27,200.
Hot Take: Bitcoin Holds Steady Above Key Levels
Bitcoin’s recent performance shows positive signs as it remains above important support levels such as $26,000 and the 100 hourly SMA. While there was a bearish reaction after reaching a high of $27,212 and failing to close above the $26,500 resistance level, Bitcoin still has a chance to initiate a strong rally if it manages to surpass these barriers. On the other hand, if Bitcoin continues to struggle and drops below key support levels like $26,050 and $25,800, it might face further downward pressure. Overall, Bitcoin’s ability to hold steady above crucial levels will determine its short-term direction.
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