Bitcoin’s bullish pattern indicates that closing above $28,500 is crucial

The price of Bitcoin has increased by 4% and is currently trading above $28,000. BTC needs to surpass the resistance zone of $28,500 to continue rising in the near future.

  • Bitcoin is gaining momentum and has surpassed the resistance levels of $27,500 and $27,800.
  • The price is trading above $28,000 and the 100 hourly Simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a key bullish trend line is forming with support near $27,700.
  • The pair may experience a correction, but the bulls may be active near $27,700 and $27,500.

Bitcoin Price Recovers Over 4%

Bitcoin price has managed to stay above the support zone of $26,000. BTC formed a base and started a recovery wave above the resistance of $27,000.

Once the price cleared the resistance zone of $27,500, there was a steady increase. The price is up over 4% and there was a break above the resistance of $28,000. A high has been formed near $28,450 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the swing low of $27,143 to the high of $28,450.

The price of Bitcoin is currently trading above $28,000 and the 100 hourly Simple moving average. On the hourly chart of the BTC/USD pair, there is also a key bullish trend line forming with support near $27,700.

Immediate resistance on the upside is near the level of $28,320. The next major resistance is near the level of $28,500. If the price closes above the resistance zone of $28,500, it might rise towards the resistance zone of $29,200.

Source: BTCUSD on TradingView.com

The next key resistance is near $29,500, above which the price might rise towards the resistance of $30,000. Any further gains might send the price towards the resistance level of $31,200.

Are Dips Limited in BTC?

If the price of Bitcoin fails to clear the resistance of $28,500, it could start a downside correction. Immediate support on the downside is near the level of $28,000.

The next major support is near the zone of $27,700 or the 50% Fib retracement level of the upward move from the swing low of $27,143 to the high of $28,450. If the price falls below this level, it might test the support of $27,500. Any further losses might take Bitcoin towards the level of $27,200 in the near future.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is in the overbought zone.

Major Support Levels – $28,000, followed by $27,700.

Major Resistance Levels – $28,320, $28,500, and $29,200.

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