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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Bitcoin
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Bitcoin Price Saw Increase In Volatility, Here’s Why The Bulls Are Safe

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

Bitcoin price saw a couple of wild moves above the $28,500 pivot level. BTC is now rising and showing positive signs above the $28,800 level.

  • Bitcoin climbed sharply and then nosedived to revisit the $27,250 support.
  • The price is trading above $28,000 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support near $27,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise if it clears the $29,400 and $29,500 resistance levels.

Bitcoin Price Regains Traction

Bitcoin price started a major increase from the $27,000 support zone. BTC climbed over $2,000 and broke the $29,250 resistance zone. It even tested the $30,000 resistance before the bears appeared.

There was a sharp decline from the $30,037 high. Bitcoin dived over $2,000 and retested the $27,250 support where the bulls emerged. The price is now rising and trading above $28,000. It is also above $28,200 and the 100 hourly Simple moving average. Besides, there is a key bullish trend line forming with support near $27,800 on the hourly chart of the BTC/USD pair.

The bulls pushed the price above the 50% Fib retracement level of the downward move from the $30,037 swing high to the $27,258 low. Immediate resistance is near the $29,400 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

The 76.4% Fib retracement level of the downward move from the $30,037 swing high to the $27,258 low is also near the $29,400 zone. The next major resistance sits near the $29,500 zone. A close above the $29,500 resistance could send Bitcoin toward $30,000. Any more gains could open the doors for a test of the key barrier at $31,000.

Fresh Decline in BTC?

If Bitcoin’s price fails to clear the $29,400 resistance, it could again start a fresh decline. Immediate support on the downside is near the $28,650 level.

The next major support is near the $28,000 zone or the trend line. A downside break and close below the $28,000 support might push the price toward the $27,500 support. Any more losses might take Bitcoin toward $27,250.

Technical indicators:

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

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

Major Support Levels – $28,650, followed by $28,000.

Major Resistance Levels – $29,400, $29,500, and $30,000.

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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