- Bitcoin price started a recovery wave above the $26,500 resistance against the US Dollar.
- The price is now trading above $26,800 and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $28,000 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could rise further if it clears the $28,000 resistance zone.
Bitcoin price is recovering above $26,500 against the US Dollar. BTC might extend its recovery if it stays above the $26,400 support zone.
Bitcoin Price Analysis
Bitcoin price remained well supported near the $25,500 zone. The price formed a base and started a recovery wave above the $26,500 level.
There was a decent increase above the $26,800 resistance zone and the 55 simple moving average (4 hours). The pair surpassed the 23.6% Fib retracement level of the downward move from the $30,222 swing high to the $25,234 low.
The price is now trading above $26,800 and the 55 simple moving average (4 hours). However, it is facing a key resistance near the $28,000 zone. There is also a major bearish trend line forming with resistance near $28,000 on the 4-hour chart of the BTC/USD pair.
The trend line is near the 50% Fib retracement level of the downward move from the $30,222 swing high to the $25,234 low. The next major resistance might be near the $28,300 zone.
A clear move above the $28,300 level might send the price towards $29,000, above which the price might rise towards the $30,000 resistance. Any more gains might push the price towards the $32,000 zone. If there is no upside break, the price might start a fresh decline below $27,000.
The first major support is near the $26,450 level. The next key support is near the $26,250 level, below which the price might accelerate lower.
In the stated case, the price could decline towards the $25,500 level. Any more losses might send the price towards the $24,500 level.
Looking at the chart, Bitcoin price is clearly trading above $26,500 and the 55 simple moving average (4 hours). Overall, the price could rise further if it clears the $28,000 resistance zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $26,400 and $26,250.
Key Resistance Levels – $28,000, $28,300 and $30,000.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://www.livebitcoinnews.com/bitcoin-price-analysis-btc-recovery-faces-key-resistance/
- :is
- 000
- 23
- 234
- 250
- 50
- 500
- a
- above
- accelerate
- against
- also
- analysis
- and
- any
- At
- average
- base
- BE
- bearish
- below
- Bitcoin
- Bitcoin News
- Bitcoin Price
- Bitcoin Price Analysis
- Break
- BTC
- BTC/USD
- Bullish
- case
- Chart
- clear
- clearly
- coinbase
- could
- data
- Decline
- Dollar
- downward
- extend
- faces
- facing
- First
- formed
- fresh
- from
- further
- gaining
- Gains
- High
- HOURS
- However
- HTTPS
- if
- in
- Increase
- index
- IT
- ITS
- Key
- key resistance
- Level
- levels
- Line
- live
- Live Bitcoin News
- losses
- Low
- lower
- MACD
- major
- max-width
- might
- Momentum
- more
- move
- moving
- moving average
- Near
- news
- next
- no
- now
- of
- on
- overall
- pair
- plato
- Plato Data Intelligence
- PlatoData
- price
- Price Analysis
- Push
- recovering
- recovery
- relative
- relative strength index
- remained
- Resistance
- retracement
- Rise
- rsi
- send
- Simple
- start
- started
- stated
- strength
- support
- support levels
- Supported
- surpassed
- Swing
- The
- There.
- to
- towards
- Trading
- TradingView
- Trend
- Upside
- us
- US Dollar
- was
- Wave
- WELL
- which
- with
- zephyrnet