The $27,550 area provided strong support for the price of Bitcoin. Above the $28,000 resistance zone, BTC established a foundation and began a new upward trend.
The $28,200 and $28,500 resistance marks were broken. Price, however, found it difficult to break through the $28,800 barrier area. Near $28,792, a high has developed, and the price is currently consolidating gains. It is currently selling above both the 100 hourly simple moving average and $28,200.
The Price of Bitcoin
The price of bitcoin is also above the 23.6% Fibonacci retracement mark of the upward movement from the $28,792 high to the swing low of $27,212.
On the hourly chart of the BTC/USD pair, a significant positive trend line with support near $28,400 is also developing.
- Price found it difficult to break through the $28,800 barrier area.
- The price may surge toward the $29,800 resistance if there is a clear move above the $29,000 mark.
- A new drop in the price of Bitcoin may begin if it is unable to overcome the $28,800 resistance.
Near the $28,800 mark, there is immediate pushback. The $29,000 region represents the next significant barrier. The price may surge toward the $29,800 resistance if there is a clear move above the $29,000 mark.
Near the $30,000 mark, the next major obstacle stands in the way of a possible price increase to the $31,200 mark. If there are any further advances, the $32,000 resistance level may need to be tested.
A new drop in the price of Bitcoin may begin if it is unable to overcome the $28,800 resistance. The $28,400 area and the trend line provide instant support on the downside.
The area around $28,000, or the 50% Fib retracement level of the upward movement from the $27,212 swing low to the $28,792 high, serves as the next significant support.
Price movement towards the $27,550 support zone is possible if the decline breaks below the $28,000 support.
