. Bitcoin Eyes Key Resistance at $28,000 - Capital Street FX

Bitcoin Eyes Key Resistance at $28,000

bitcoin price rises

Bitcoin Price Surges Above $27,200, Bulls Eyeing Key $28,000 Resistance.

Bitcoin Price Sets Sight on Key Resistance Zone of $28,000

The price of Bitcoin is on the rise, surpassing the $27,200 mark, and bullish momentum could further strengthen if it successfully clears the crucial resistance level at $28,000 in the upcoming trading sessions.

 Bitcoin Continues to Ascend, Trading Above $27,000 and 100-hourly Moving Average

Bitcoin’s upward trajectory persists as it moves above the $27,000 and $27,200 levels. The cryptocurrency is currently trading above $27,000 and the 100-hourly Simple Moving Average, indicating positive market sentiment.

 Bullish Breakout Confirmed with Break Above Bearish Trend Line

An encouraging development for Bitcoin is the break above a bearish trend line that was connecting previous resistance near the $27,000 mark. This breakout was observed on the hourly chart of the BTC/USD pair, using data from the Kraken exchange. The upward movement suggests a shift in momentum favoring the bulls.

 Potential for a Fresh Rally Upon Clearing Resistance Levels

The BTC/USD pair could potentially initiate a fresh rally if it successfully surpasses two key resistance levels, namely $27,550 and $28,000. Breaking these barriers would further reinforce the bullish sentiment and pave the way for higher gains in the Bitcoin market.

 Bitcoin Price Shows Resilience Following Temporary Decline

After experiencing a temporary decline below the $26,800 level, Bitcoin’s price found support around the $26,550 mark and has since embarked on a renewed upward trajectory.

 BTC Consolidates Above $27,000, Bolstered by Positive Moving Averages

Bitcoin’s recent ascent has established a firm position above the $27,000 resistance zone. The cryptocurrency’s price is currently trading above the 100-hourly Simple Moving Average, further validating the bullish sentiment in the market.

Key Levels to Monitor for Bitcoin’s Next Move

Bitcoin’s current price action reveals immediate resistance forming around the $27,420 level. Additionally, the 76.4% Fibonacci retracement level, derived from the downward move between the swing high at $27,677 and the swing low at $26,550, aligns closely with this resistance level. Subsequently, the next significant resistance level to monitor lies at $27,550.

Conclusion:

Bitcoin’s price has surged above $27,200, demonstrating a positive trend. The bullish sentiment prevails with the cryptocurrency trading above $27,000 and the 100-hourly Simple Moving Average. The breakout above the bearish trend line further strengthens the case for a continued upward movement. Clearing the resistance levels at $27,550 and $28,000 could trigger a fresh rally for Bitcoin, consolidating its positive momentum. As the market evolves, monitoring key levels will be crucial in assessing Bitcoin’s next move.

technical analysis

About Author

Related posts

swiss market news

Swiss Market Index: Bullish Momentum Persists

Swiss Market Index: WEEKLY SCENARIO Swiss Market Index Technical Analysis: Weekly Chart In the weekly charts, the Swiss Market Index trades in an up channel. The Swiss Market Index is

Read More

Leave a Reply