In recent weeks, #Bitcoin has experienced an intriguing price trajectory. On May 12, Bitcoin reached a low point not seen in seven weeks, with prices dipping below the $27,000 level during the previous session.
#bitcoin is currently in a corrective phase following its rise to the $26,000 level. However, if it successfully holds above the support level at $26,000, there is a possibility of a new surge being initiated. Regrettably, Bitcoin has faced a significant hurdle in its upward journey, as it failed to surpass the resistance zone around $27,000.
The price even dipped below this critical support zone, creating a two-month low near $25,812. However, Bulls are active near the $26,000 support and the price is consolidating some rebound and trading above the $26,800 level. BTC is currently trading near $26,800 and the 50 hourly simple moving average.
Bitcoin is facing a notable obstacle at the $27,000 level, which also coincides with the Neckline resistance. A key resistance is forming near the next trend line and the $27,500 mark. A confirmed breakthrough above the resistance at $27,500 has the potential to trigger a significant upward trend. The subsequent significant resistance to keep an eye on is approximately $28,000, along with the 200-day Moving Average, indicating the possibility of a price surge towards the resistance range of $28,400 to $28,700.
If #BTC is unable to overcome the resistance at $27,000, there is a chance of additional downward movement. The initial support level to watch for on the downside is approximately $26,500. Should this support be broken, the subsequent notable support is found around the $26,000 range. A dip below this level could potentially trigger a bearish trend. If such a scenario unfolds, Bitcoin might revisit the $25,300 mark. Should the losses persist, there is a possibility that the price could approach the $24,500 level in the coming days.
KEY LEVELS :
RESISTANCE LEVEL : $27,100-$27,600
SUPPORT LEVEL : $26,500-$26,100
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.
