#bitcoin has experienced a significant increase of 7%, leading to speculation that a new bull market may be on the horizon. Yesterday's daily candlestick chart revealed a substantial breakout from a resistance level that had persisted for several months, with the price surpassing $25,200.
On March 15, #BTC enthusiasts seized the opportunity to purchase the dip at $24,000, and on March 17, they successfully propelled the price above the formidable overhead resistance of $25,250. This impressive feat marks the completion of an inverse head-and-shoulders pattern.
After a brief period of consolidation and pullback over the past two days, BTC has regained its momentum and surged by an impressive 7.00% today. This surge has propelled the coin beyond the $27,500 mark, marking a significant milestone for investors and traders alike.
Bitcoin is once again experiencing a surge in value, surpassing the resistance level of $25,300. Not only did the price breach the $26,500 resistance zone, but it also surpassed the high from March 15th. The rally of Bitcoin continued its upward movement and broke through the $27,500 resistance zone, forming a high near $27,839. The price is now consolidating its gains.
At present, the market is facing a significant obstacle at the $27,850 level. However, if the price manages to surpass this level, the next significant resistance is anticipated at the $28,100 zone. A close above this level could potentially trigger another surge, with the price rallying towards the $28,500 level. Furthermore, the next crucial resistance is expected at the $29,000 zone, and if the price manages to rise above that level, it could potentially reach $32,000.
If Bitcoin fails to surpass the $28,000 resistance level, there is a glimmer of hope as there is an immediate support level at $27,200, which could prevent a significant drop. In the event that the price does fall below this level, the next major support level is at $26,900. If the price drops below this level, it may gain bearish momentum and continue to plummet. The final major support level is at $26,600, and any further losses may push the price towards the $26,000 level.
KEY LEVELS :
RESISTANCE LEVEL : $27,800-$28,200
SUPPORT LEVEL : $27,000-$26,500
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 and assess the risks involved before investing in any market.