Bitcoin Consolidates Above $25,500 Mark
Bitcoin’s price is currently in a consolidation phase, maintaining its position just above the $25,500 mark. However, there is potential for a corrective rise, although any significant upward movement may face resistance around the $26,200 threshold.
Previous attempts to surpass the $26,000 resistance have been unsuccessful, as Bitcoin lacks the momentum to breach the $26,000 to $26,200 range. As a result, the cryptocurrency experienced a bearish pullback, falling below the $25,650 mark. However, the resilient bulls have managed to uphold the $25,350 support, allowing Bitcoin to reclaim territory beyond $25,500.
Currently, Bitcoin’s trading trajectory is below both the $26,000 mark and the 100-hourly Simple Moving Average. Additionally, a prominent bearish trend line has been identified, presenting resistance around $25,950 on BTC/USD’s hourly chart.
Bitcoin Faces Immediate Resistance and Potential Rally
The immediate resistance for Bitcoin is near the $26,000 region, paralleling the trend line and closely aligning with the 23.6% Fibonacci retracement of the significant plunge from the $28,150 apex to the $25,333 nadir. The first substantial barrier stands at the $26,200 mark.
A definitive surge past this resistance could pave the way for a potential rally towards $26,750, adjacent to the 50% Fibonacci retracement of the aforementioned major descent. Furthermore, a resistance of $27,000 looms, and surpassing it could provide the bulls with an opportunity for a consistent ascent, possibly targeting the $28,000 benchmark.
However, if Bitcoin struggles to transcend the $26,000 resistance, a downward trajectory may ensue. Immediate supports are charted around $25,500, followed closely by $25,350. A decisive descent below the latter might intensify selling pressures, potentially driving the price toward the vicinity of $24,500 or even as low as $24,000.
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