#bitcoin price is displaying promising indications above $27,000 against the US Dollar. If there is a definitive shift above the $28,000 zone, #BTC may experience a bullish surge. Additionally, Bitcoin's price has remained strong above the $26,500 support zone. The price has successfully overcome numerous obstacles near the $26,500 and $27,000 levels.
The cryptocurrency market has seen a recent surge in prices, with Bitcoin breaking through the $28,000 level. However, the bears have been quick to react, causing a slight dip in prices near the $28,800 zone. Despite this setback, the bulls have remained active and have managed to keep the price from falling too low.
After reaching a high of $28,868, the price experienced a downside correction, dropping below $27,500. However, the bulls were quick to respond and managed to keep the price from falling below $26,500. A low of $26,508 was formed, and the price has since been steadily rising.
In fact, the price has now cleared the 23.6% Fib retracement level of the downward move from the $28,868 swing high to $26,508 low. Despite this positive development, the price is still trading below $27,500 and the 100 hour simple moving average.
Firstly, the $27,800 zone and trend line present an immediate obstacle. The trend line is situated close to the 61.8% Fib retracement level, which is significant given the key decline from the $28,195 swing high to $26,508 low. If the trend line resistance is broken, it could pave the way for the price to reach the $28,200 resistance level. Should this occur, there is potential for the price to continue climbing towards the $28,800 resistance level. If this level is surpassed, it could signal the start of a steady increase.
In the event that the price of bitcoin is unable to surpass the resistance level of $27,800, it may experience a further decline. However, there is a support level in close proximity at the $27,000 mark. Should the price fall below this level, the next significant support level is at $26,650. If this support level is breached, it could trigger a bearish trend. The following major support level is at $25,500, and if the price falls below this point, it could indicate that the bears have taken control.
KEY LEVELS :
RESISTANCE LEVEL : $27,800-$28,200
SUPPORT LEVEL : $27,100-$26,600
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
