Bitcoin Price Analysis: BTC Faces Uphill Task Near $27,250

• Bitcoin price is correcting losses from the $26,000 zone against the US Dollar.
• The price is now trading near $27,000 and the 55 simple moving average (4 hours).
• There is a major bearish trend line forming with resistance near $27,250 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
• The pair could start a fresh increase if it clears the $27,250 resistance zone.

Bitcoin price is rising from $26,000 against the US Dollar. BTC might eye another increase if the bulls remain active above the $26,250 zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline below the $28,000 support zone. There was a clear move below the $27,500 and $27,200 support levels. The pair even tested the $26,000 support zone.

It traded as low as $25,810 and recently started a fresh increase. There was a break above the $26,500 resistance zone. The price gained pace once it broke the $26,800 resistance zone and the 23.6% Fib retracement level of the downward move from the $29,850 swing high to the $25,810 low.

Bitcoin price is now trading near $27,000 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $27,200 level. There is also a major bearish trend line forming with resistance near $27,250 on the 4-hour chart of the BTC/USD pair.

The next major resistance might be near the $27,850 zone or the 50% Fib retracement level of the downward move from the $29,850 swing high to the $25,810 low.

A clear move above the trend line and $27,850 might send the price toward $28,500, above which the price might rise toward the $29,200 level. Any more gains might push the price toward the $30,000 zone. If there is no upside break, the price might start a fresh decline below the $26,750 level.

The first major support is near $27,250. The next key support is near the $27,000 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $26,000 level.

Bitcoin Price

Looking at the chart, Bitcoin’s price is trading near $27,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $27,250 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 – $26,750 and $27,000.

Key Resistance Levels – $27,250, $27,850, and $28,500.

Tags: bitcoin, BTC