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 (BTC) Eyes Upside Break Over $26,850

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

Bitcoin (BTC) Price Could Rally Over $27K

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

Despite the fact that there was a close over the resistance zone at $26,500, there appears to be resistance preventing an upside break over $26,850. The recent high was around $26,833 before a subsequent correction occurred.

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Bitcoin (BTC) is as of now trading over $26,100 and the 100 hourly SMA. In addition, a key positive trend 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.

Source: BTCUSD on TradingView.com

If there is a successful move over the resistance at $26,850 and following that a close over $27,200, it might trigger another positive trend 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.

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Another Rejection in BTC?

If Bitcoin (BTC) fails to initiate a fresh increase over 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 whole lot of 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.

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Technical Indicators:

– Hourly MACD: The MACD is as of now gaining momentum in the positive trend zone.

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

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

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

Hot Take: Bitcoin (BTC) Poised for Upside Break

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

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Author – Contributor at | 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.

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