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Bitcoin Price Analysis: BTC Faces Uphill Task Near $27,250

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  • Bitcoin price is correcting losses from the $26,000 zone against the US Dollar.
  • The price is now trading near $27,000 and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $27,250 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 $27,250 resistance zone.

Bitcoin price is rising from $26,000 against the US Dollar. BTC might eye another increase if the bulls remain active above the $26,250 zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline below the $28,000 support zone. There was a clear move below the $27,500 and $27,200 support levels. The pair even tested the $26,000 support zone.

It traded as low as $25,810 and recently started a fresh increase. There was a break above the $26,500 resistance zone. The price gained pace once it broke the $26,800 resistance zone and the 23.6% Fib retracement level of the downward move from the $29,850 swing high to the $25,810 low.

Bitcoin price is now trading near $27,000 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $27,200 level. There is also a major bearish trend line forming with resistance near $27,250 on the 4-hour chart of the BTC/USD pair.

The next major resistance might be near the $27,850 zone or the 50% Fib retracement level of the downward move from the $29,850 swing high to the $25,810 low.

A clear move above the trend line and $27,850 might send the price toward $28,500, above which the price might rise toward the $29,200 level. Any more gains might push the price toward the $30,000 zone. If there is no upside break, the price might start a fresh decline below the $26,750 level.

The first major support is near $27,250. The next key support is near the $27,000 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $26,000 level.

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 $27,250 resistance zone.

Technical Indicators

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

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

Key Support Levels – $26,750 and $27,000.

Key Resistance Levels – $27,250, $27,850, 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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