Bitcoin Price Shows Signs of Upside Break
The price of Bitcoin has faced resistance below the $29,000 level, but it recently found support near $28,150 and has started to rise again. It is currently trading above $28,500 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, there is a noticeable rising channel forming with resistance around $29,000. If the price manages to close above this resistance level, it could continue to rise.
Bitcoin Struggles Below $29,000 Level
Prior to its recent increase, Bitcoin struggled to surpass the $29,000 level and even traded below $28,250. However, it found support near $28,150 and began a fresh upward movement. The price successfully cleared the 61.8% Fibonacci retracement level from its previous downward move and is now consolidating near the 76.4% Fib retracement level.
Possible Upside Targets for Bitcoin
If Bitcoin manages to break above the immediate resistance at $28,950 and the channel region near $29,000, it could pave the way for further gains. The next significant resistance level is around $29,500. If the price continues to rise beyond that point, it might reach $30,000 or even aim for $31,200.
Potential Decline in Bitcoin Price
In case Bitcoin fails to surpass the resistance zone at $29,000, it could face another decline. The initial support on the downside is around $28,650. The major support levels are located near $28,350 and the 100 hourly Simple Moving Average. However, if the price breaks below the key support at $28,150, it might result in further losses. The next support levels would be around $27,650 and $28,120.
Technical Indicators and Key Levels
The MACD on the hourly chart is currently showing bullish momentum, while the RSI for BTC/USD is above the 50 level. Major support levels are at $28,650 and $28,150, while major resistance levels are at $28,950, $29,000, and $30,000.
Hot Take: Bitcoin Poised for Potential Upswing
The price of Bitcoin has found support near $28,150 and is now trading above key resistance levels. If it manages to break through the resistance at $29,000, the price could continue to rise. On the other hand, if it fails to surpass this level, another decline may occur. Technical indicators suggest bullish momentum for Bitcoin. Keep an eye on the key support levels at $28,650 and $28,150 as well as the resistance levels at $28,950, $29,000, and $30,000.
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