After experiencing some consolidation and pullback in the past two days, BTC has regained momentum and surged by another 5.10% today, surpassing the $25,750 mark.
#bitcoin is once again on the rise, surpassing the $25,000 resistance level. If it continues to climb, it may reach the $26,500 resistance zone. However, Bitcoin experienced a slight dip below the $25,000 support zone, causing it to trade below $24,500. Fortunately, the bulls were quick to respond and prevented further decline by supporting the currency near the $24,000 zone.
A new low was established near $23,913, and subsequently, the price began to rise again. Notably, the price surpassed the $24,500 resistance zone, indicating a positive trend. Furthermore, the price even exceeded the 50% Fib retracement level, which is a significant milestone in the downward movement from the $26,525 swing high to the $23,913 low.
Furthermore, a significant breakthrough occurred above a major bearish trend line, which had resistance near $24,450, as depicted on the hourly chart of the BTC/USD pair. As a result, the Bitcoin price is currently trading above $25,000 and the 21 hourly simple moving average.
Firstly, there is an immediate resistance near the $26,000 level, which is close to the 76.4% Fib retracement level of the downward move from the $26,525 swing high to $23,913 low. If the price manages to break through this level, the next major resistance is near the $26,500 zone. A close above this level could potentially trigger another surge, with the price potentially rallying towards the $27,200 level. Beyond that, the next key resistance is near the $28,000 zone, and if the price manages to rise above that level, it could potentially reach $28,800.
Bitcoin is facing a significant resistance level at $26,000. If it fails to break through this level, it may experience a decline. However, there is an immediate support level at $25,200, which may prevent a significant drop. If the price does fall below this level, the next major support level is at $24,500. If the price falls below this level, it may gain bearish momentum, leading to a further decline. The final major support level is at $24,000, and any further losses may push the price towards the $23,200 level.
KEY LEVELS :
RESISTANCE LEVEL : $26,100-$26,600
SUPPORT LEVEL : $25,500-$25,000
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research #dyor and assess the risks involved before investing in any market.
