Bitcoin Bulls Continue to Drive Momentum, Indicating Positive Signs of a New Surge

Bitcoin Bulls Continue to Drive Momentum, Indicating Positive Signs of a New Surge


Bitcoin Eyes Upside Break Above $26,850

The price of Bitcoin is on the verge of breaking above the key level of $26,850. Currently, it is trading above $26,100 and the 100 hourly Simple Moving Average (SMA). On the hourly chart of the BTC/USD pair, a bullish trend line is forming with support near $26,300.

Bitcoin Price Could Rally Above $27K

Bitcoin’s price has experienced a decent increase above the resistance zone at $26,000. It has remained well-supported above the Fibonacci retracement level of the upward move from the swing low of $24,925 to the high of $27,212.

Although there was a close above the resistance zone at $26,500, there seems to be resistance preventing an upside break above $26,850. The recent high was around $26,833 before a subsequent correction occurred.

Bitcoin is currently trading above $26,100 and the 100 hourly SMA. Additionally, a key bullish trend line is forming with support near $26,300 on the BTC/USD pair’s hourly chart.

The immediate resistance on the upside is near the level of $26,720. The first major resistance lies at around $26,850, followed by another key resistance near $27,200.

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Source: BTCUSD on TradingView.com

If there is a successful move above the resistance at $26,850 and subsequently a close above $27,200, it could trigger another bullish wave. The next major resistance is near $28,000, and if surpassed, the bulls could strengthen their position. In this scenario, the price could test the level of $28,800.

Another Rejection in BTC?

If Bitcoin fails to initiate a fresh increase above the resistance at $26,850, it may continue to move downwards. The immediate support on the downside is near the level of $26,300 and the trend line.

The trend line coincides with the 76.4% Fibonacci retracement level of the recent increase from the swing low of $26,154 to the high of $26,833. The next significant support is near the level of $26,000. A downward break and close below this level could potentially send the price towards the key support at $25,550.

Technical Indicators:

– Hourly MACD: The MACD is currently gaining momentum in the bullish zone.

– Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now above the 50 level.

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– Major Support Levels: $26,300, followed by $26,000.

– Major Resistance Levels: $26,720, $26,850, and $27,200.

Hot Take: Bitcoin Poised for Upside Break

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Bitcoin’s price is showing signs of an impending upside break as it hovers near the key resistance level of $26,850. With strong support above $26,100 and a bullish trend line forming around $26,300 on the hourly chart of BTC/USD pair, a rally beyond $27K seems likely. Breaking above $27K could spark further bullish momentum with resistance levels at $28K and potentially higher. However, failure to break above $26,850 could lead to a downside move, with immediate support levels at $26,300 and $26,000. Technical indicators suggest a bullish scenario, with the MACD gaining momentum in the bullish zone and the RSI above 50.

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Bitcoin Bulls Continue to Drive Momentum, Indicating Positive Signs of a New Surge
Author – Contributor at Lolacoin.org | Website

Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding. A guiding star for both audacious explorers and curious neophytes journeying through the crypto galaxy, Newt’s insights forge a compass for insightful decision-making amidst the ever-evolving universe of digital assets. With the precision of a wordsmith, they craft a narrative that enriches the evolving chronicle of the crypto cosmos.

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