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Bitcoin Price Analysis: BTC Could Soon Revisit 28,500

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  • Bitcoin price is attempting a fresh increase from the $25,500 zone against the US Dollar.
  • The price is now trading near $27,000 and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $26,900 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it clears the $27,350 resistance zone.

Bitcoin price is rising from $25,500 against the US Dollar. BTC might eye another increase if the bulls remain active above the $26,550 zone.

Bitcoin Price Analysis

Bitcoin price remained well-bid above the $25,500 level. A base was formed and the price was able to settle above the $26,000 resistance zone. The bulls remained active above $26,000 and initiated a decent increase.

There was a move above the 50% Fib retracement level of the key decline from the $28,431 swing high to the $25,351 low. Besides, there was a break above a key bearish trend line with resistance near $26,900 on the 4-hour chart of the BTC/USD pair.

Bitcoin price is now trading near $27,000 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $27,350 level.

The next major resistance might be near the $27,700 zone or the 76.4% Fib retracement level of the key decline from the $28,431 swing high to the $25,351 low. A clear move above the $27,350 and $27,700 resistance levels might send the price toward $28,500.

Any more gains might push the price toward the $29,500 zone. If there is no upside break, the price might start a fresh decline below the $26,800 level and the 55 simple moving average (4 hours).

The first major support is near $26,550. The next key support is near the $26,000 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $25,500 level in the coming sessions.

Bitcoin Price
Bitcoin Price

Looking at the chart, Bitcoin’s price is trading near $27,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $27,350 resistance zone.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $26,550 and $26,000.

Key Resistance Levels – $27,350, $27,700, and $28,500.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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