Bitcoin Continues to Climb, Maintaining Strong Support
The price of Bitcoin has seen a steady increase, surpassing the resistance levels at $28,000 and $28,200. Currently, it is trading above $27,400 and the 100-hourly Simple Moving Average (SMA). On the BTC/USD hourly chart from Kraken, there is a significant bullish trend line forming with support near $27,400.
Bitcoin Price Movement
After breaking through the $27,200 resistance zone, Bitcoin experienced a gradual rise above the $27,500 and $28,000 resistance levels. It even reached a multi-week high of approximately $28,565 before undergoing a downside correction. The price dipped below the $28,200 and $28,000 levels and retraced by 50% according to Fibonacci levels.
Despite this correction, Bitcoin remains above the $27,400 support level and the 100-hourly SMA. This indicates ongoing strength in its upward movement. The immediate resistance lies around $27,850, followed by the key level at $28,000. A successful close above this resistance could trigger another surge towards higher levels.
Potential Downside Risks
If Bitcoin fails to break above the $28,000 resistance level, it may experience further downward movement. The first support on the downside can be found near $27,400 along with the trend line. Below that lies a major support level at around $27,250 or the 100 SMA. Breaking below this could push the price towards $26,800 and potentially even test the support at $26,650 or lower at $26,000.
Technical Indicators
The hourly MACD for BTC/USD is currently losing momentum in the bullish zone. The Relative Strength Index (RSI) is below the 50 level, indicating a slight weakening in the bullish trend.
Hot Take: Bitcoin’s Price Maintains Steady Momentum
Bitcoin’s price has continued to climb steadily, surpassing key resistance levels and maintaining strong support. Despite a recent downside correction, the cryptocurrency remains above crucial support levels, indicating ongoing bullish momentum. However, if it fails to break above the $28,000 resistance level, there could be further downward movement. Traders should closely monitor support levels at $27,400 and $27,250 for potential buying opportunities. Overall, Bitcoin’s price is showing resilience and has the potential for another surge towards higher levels.
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