Bitcoin Price Steadies Above $26K, Can Bulls Pump It Further?

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price is moving higher above the $26,000 resistance. BTC could continue to rise if there is a clear move above the $26,800 zone.

Bitcoin started a recovery wave above the $26,000 resistance.
The price is trading above $26,000 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance near $26,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rise further if it clears the $26,650 and $26,800 resistance levels.

Bitcoin Price Regains $26,000

Bitcoin price remained well-bid above the $25,500 resistance zone. As a result, BTC started a fresh recovery wave above the $26,000 resistance zone and even broke $26,200.

The bulls pushed the price above the $26,500 level. A high is formed near $26,793 and the price is now consolidating gains. It is now trading near the 23.6% Fib retracement level of the upward move from the $24,751 swing low to the $26,793 high.

Bitcoin price is now trading above $26,000 and the 100 hourly Simple moving average. Besides, there is a key bearish trend line forming with resistance near $26,200 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

If there is another increase, the price might face resistance near the $26,650 level. The next major resistance is near the $26,800 level. A clear move above the $26,800 resistance might push the price further higher. The next major resistance is near the $27,200 level, above which the bulls might send BTC toward the $27,500 resistance zone.

Dips Limited in BTC?

If Bitcoin’s price fails to clear the $26,800 resistance, it could start a downside correction. Immediate support on the downside is near the $26,300 level.

The next major support is near the $26,200 level and the trend line, below which the price might start test the 100 hourly Simple moving average. The key support is now near $25,750 or the 50% Fib retracement level of the upward move from the $24,751 swing low to the $26,793 high. 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 below the 50 level.

Major Support Levels – $26,200, followed by $26,000.

Major Resistance Levels – $26,650, $26,800, and $27,200.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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