Bitcoin Holds Gains Above $26,500 Support Level
Bitcoin has managed to maintain its gains above the $26,500 support level and is currently trading above $26,550 and the 100 hourly Simple Moving Average. On the BTC/USD hourly chart, a bullish trend line is forming with support near $26,600.
Bitcoin Price Eyes Another Increase
The price of Bitcoin remained in a positive zone after surpassing the $26,200 resistance. It experienced a fresh increase and cleared the $26,500 resistance level. However, bears appeared near $27,500 and caused a correction. The price dropped below $27,000 and declined further.
Currently, Bitcoin is trading above $26,550 and the 100 hourly Simple Moving Average. It is also holding the 76.4% Fibonacci retracement level of the upward move from the swing low of $26,412 to the high of $27,468. This consolidation phase suggests that there may be a potential for another increase.
The immediate resistance on the upside is near $26,950. If this level is surpassed, Bitcoin could gain momentum and target the next key resistance at around $28,200.
Source: BTCUSD on TradingView.com
More Downsides In BTC?
If Bitcoin fails to initiate a fresh increase above the resistance at $26,950, it may continue moving lower. The immediate support on the downside lies near $26,600 along with the bullish trend line. A break below this level could push the price towards the next support at $26,500.
Technical indicators show that the MACD is losing momentum in the bullish zone, and the RSI for BTC/USD is hovering around the 50 level.
Major support levels are at $26,600 and $26,500, while major resistance levels are at $26,950, $27,200, and $27,500.
Hot Take: Bitcoin Price Consolidates Above Key Support
Bitcoin has managed to hold its gains above the crucial support level of $26,500. The price is currently consolidating above this level and may be preparing for another upward move. A break above the resistance at $26,950 could lead to further gains and potential tests of higher resistance levels at $28,200 and $29,000. However, if Bitcoin fails to break above $26,950, it may face downside pressure and test support levels at $26,600 and $26,500. Technical indicators suggest a cautious outlook as the MACD loses momentum and the RSI hovers around the neutral 50 level.
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