Bitcoin Price Close Above $28K Could Spark A Fresh Rally

Bitcoin price is rising above $27,200. BTC might gain bullish momentum if it clears the key $28,000 resistance zone in the coming sessions.

  • Bitcoin is moving higher above the $27,000 and $27,200 levels.
  • The price is trading above $27,000 and the 100 hourly Simple moving average.
  • There was a break above a connecting bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh rally if it clears the $27,550 and $28,000 resistance levels.

Bitcoin Price Attempts Upside Break

Bitcoin price started a fresh decline below the $26,800 level. BTC retested the $26,550 support zone and recently started a fresh increase.

There was a decent upward move above the $27,000 resistance zone. Besides, there was a break above a connecting bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $27,000 and the 100 hourly Simple moving average.

It is also above the 61.8% Fib retracement level of the downward move from the $27,677 swing high to the $26,550 low. Immediate resistance is now forming near the $27,420 level.

The 76.4% Fib retracement level of the downward move from the $27,677 swing high to the $26,550 low is also near the $27,420 level. The next major resistance is near the $27,550 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

A close above the $27,550 resistance might start a decent increase. The next key resistance is near $28,000, above which the price might gain bullish momentum and test the $29,200 resistance. Any more gains might send the price toward the $30,000 level.

Fresh Decline in BTC?

If Bitcoin’s price fails to clear the $27,550 resistance, it could start a fresh decline. Immediate support on the downside is near the $27,000 level and the 100 hourly SMA.

The next major support is near the $26,800 zone, below which the price might struggle to recover. In the stated case, it could revisit the $26,550 level. Any more losses might take Bitcoin toward the $26,000 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $27,000, followed by $26,550.

Major Resistance Levels – $27,420, $27,550, and $28,000.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Phần thưởng
  • Bình luận
  • Chia sẻ
Bình luận
0/400
Không có bình luận
  • Ghim
Giao dịch tiền điện tử mọi lúc mọi nơi
qrCode
Quét để tải xuống ứng dụng Gate
Cộng đồng
Tiếng Việt
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)