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Bitcoin Price Still Vulnerable Unless It Surges Past $26,500

Aayush Jindal by Aayush Jindal
1 month ago
in BTC
Reading Time: 2 mins read

Bitcoin price is attempting an upside break above the $26,200 resistance. BTC must clear $26,200 and $26,500 to start a decent recovery wave.

  • Bitcoin is still struggling to clear the $26,500 resistance zone.
  • The price is trading above $26,000 and the 100 hourly Simple moving average.
  • There was a break above a short-term bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could attempt a fresh increase if it clears $26,200 and $26,500.

Bitcoin Price Faces Hurdles

Bitcoin price started a short-term upward move from the $25,720 zone. BTC was able to climb above the $26,000 resistance zone but it is still facing a lot of hurdles.

During the recent increase, it broke the 23.6% Fib retracement level of the downward move from the $26,779 swing high to the $25,778 low. Besides, there was a break above a short-term bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $26,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $26,175 and $26,200 levels.

A clear move above the $26,200 level might send the price toward the key resistance at $26,500. Intermediate resistance is near the 61.8% Fib retracement level of the downward move from the $26,779 swing high to the $25,778 low at $26,400.

Bitcoin Price

Source: BTCUSD on TradingView.com

To start a decent increase, the price must settle above $26,500. In the stated case, the price could test the $27,000 level. Any more gains might set the pace for a larger increase toward $28,200.

Fresh Decline In BTC?

If Bitcoin fails to clear the $26,200 resistance, it could start another decline. Immediate support on the downside is near the $25,900 level.

The next major support is near the $25,800 level. A downside break below the $25,800 level might push the price further lower. In the stated case, the price could drop toward $25,400.

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 now above the 50 level.

Major Support Levels – $25,800, followed by $25,400.

Major Resistance Levels – $26,200, $26,500, and $27,000.

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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