Bitcoin Eyes Key Resistance at $28,000
18 May 2023
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.
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.