• Bitcoin price is attempting a fresh increase from the $26,000 zone against the US Dollar.
• There was a break above a key bearish trend line with resistance near $27,100 on the 4-hour chart of the BTC/USD pair.
• The bulls need to gain strength above $27,480 and $27,850 to start a fresh increase toward $29,500.
Bitcoin Price Analysis
Bitcoin price is rising from the $26,550 against the US Dollar. Bulls need to gain strength above $27,480 and $27,850 for further upside towards the $29,500 level. There was a break above a key bearish trend line with resistance near $27,100 on the 4-hour chart of the BTC/USD pair.
Key Support and Resistance Levels
The first major support for Bitcoin is near the $27,000 level. The next key support is near the $26,500 level which might push it towards lower levels at around 26k. Immediate resistance on the upside is near the 27k$ level while any more gains might push it towards 28k$. Further resistance could be seen at 50% Fib retracement level of 29k$ swing high to 25k$ low at around 27k$.
The MACD indicator has lost momentum in bullish zone while Relative Strength Index (RSI) is now hovering around 50 levels which indicates that there may be an uptrend in progress soon if not already existing one.
Potential Upside Move
If bulls remain active above 26.5$, then Bitcoin price could start another surge and clear 27.4K$ and 27.8K$ resistances levels that would lead to further upside move up till 29K$.
Potential Downside Move
On downside if there’s no breakout or break below 27K$, then BTC could dip towards 26K$ or even lower before witnessing another surge possibly back up again surpassing 30K$.