Bitcoin’s price has encountered hurdles around the $27,400 and $27,500 marks, impeding its upward momentum. However, the cryptocurrency remains above the $27,000 level and the 100 hourly Simple Moving Average (SMA), indicating a potential for a new surge. Recent developments, including a breakout above a significant bearish trend line and positive Ethereum movements, have garnered market attention.
Bitcoin has initiated a notable uptick from the $26,550 range, successfully surpassing the resistances at $26,850 and $27,000. Notably, this upward movement stimulated positive market sentiment for Ethereum as well. Furthermore, the hourly chart of the BTC/USD pair reveals a significant breakthrough, as a major bearish trend line with resistance near $27,140 was overcome, briefly pushing the pair above the $27,400 hurdle. However, the expected continuation of the bullish trend did not materialize, resulting in a subsequent decline from the high of approximately $27,511.
The cryptocurrency is trading above $27,000 and the 100 hourly SMA, while simultaneously testing the previously broken trend line at the $27,150 level. Looking ahead, the immediate resistance lies around $27,280, followed by the major hurdle at $27,400. The primary resistance point remains at $27,500. Should Bitcoin break above this crucial threshold, it may embark on a trajectory toward the $28,200 resistance zone.
Further, a key resistance looms near $28,500 along the upward path. Surpassing this level could ignite a strong rally toward the $29,200 resistance, potentially paving the way for a surge toward the $30,000 mark. However, failure to breach the $27,500 resistance barrier may result in another downward spiral for Bitcoin.
On the downside, immediate support is expected around the $27,000 level and the 100 hourly SMA. Additionally, the 50% Fibonacci retracement level, derived from the upward movement between the $26,536 swing low and the $27,511 high, aligns closely with the $27,000 mark. A breach below this level could lead to a revisit of the $26,850 support, and a further dip might prompt Bitcoin to retest the $26,550 range. In the near term, extended losses may bring the cryptocurrency’s value closer to the $26,000 level.
Bitcoin’s journey towards breaking key resistance levels has encountered recent setbacks, highlighting the challenges that lie ahead. However, the cryptocurrency remains above the $27,000 level and the 100 hourly SMA, maintaining a positive stance. Traders and enthusiasts are keenly monitoring the upcoming price action, with hopes for a potential bullish surge towards higher resistances. Nevertheless, the market remains cautious, considering the possibility of another downward move if the crucial resistance level at $27,500 remains unconquered.
Source: https://bitcoinworld.co.in/bitcoin-struggles-to-surpass-key-resistance-levels-potential-for-fresh-upside/