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Bitcoin Price Extends Recovery But Lack of Momentum Remains A Concern

Aayush Jindal by Aayush Jindal
3 months ago
in BTC
Reading Time: 2 mins read

Bitcoin price is rising above the $26,500 resistance. BTC could gain bullish momentum if it settles above the $27,200 and $27,500 resistance levels.

  • Bitcoin is slowly moving higher above the $26,500 resistance.
  • The price is trading above $26,500 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could rise further if it clears the $27,200 and $27,500 resistance levels.

Bitcoin Price Eyes Sustained Upward Move

Bitcoin price managed to settle above the $26,000 resistance zone. BTC climbed higher steadily above the $26,200 and $26,500 resistance levels. It even spiked above the $27,000 level but there was a lack of bullish momentum.

A high is formed near $27,184 and the price is now correcting gains. There was a move below the $27,000 support. It is now trading below the 23.6% Fib retracement level of the recent increase from the $26,253 swing low to the $27,184 high.

Bitcoin price is now trading above $26,500 and the 100 hourly Simple moving average. Besides, there is a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, the price is facing resistance near the $27,200 level. The next major resistance is near the $27,500 level. A close above the $27,500 resistance might spark bullish moves in the near term. The next major resistance is near the $28,500 level, above which the bulls might send BTC toward the $29,200 resistance zone.

Are Dips Supported in BTC?

If Bitcoin’s price fails to clear the $27,200 resistance, it could continue to move down. Immediate support on the downside is near the $26,700 level.

The next major support is near the $26,600 level and the trend line. It is close to the 61.8% Fib retracement level of the recent increase from the $26,253 swing low to the $27,184 high. The main support is now near $26,250, below which the price might gain bearish momentum toward $25,750. Any more losses might send the price toward $25,200 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 above the 50 level.

Major Support Levels – $26,600, followed by $26,250.

Major Resistance Levels – $27,200, $27,500, and $28,500.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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