(MENAFN- CoinXposure) The Bitcoin price remained above the $25,350 support zone. The BTC bulls defended a significant break to the downside and drove the price above the $25,850 resistance.
The price moved higher than the $26,000 resistance zone. On the BTC/USD hourly chart, there was also a break above a key bearish trend line with resistance near $25,940.
Even further, the pair approached the $26,500 resistance zone, where bears appeared.
The price has reached a peak near $26,487 and is now consolidating gains. It traded below the 23.6% Fibonacci retracement level of the recent increase from the recent low of $25,609 to the current high of $26,488.
Bitcoin trades significantly above $26,000 and the 100-hour simple moving average. The $26,400 level is near-term resistance on the upside.
The first significant resistance is close to the $26,500 mark. A perfect close above $26,500 could initiate a substantial increase.
Source: BTCUSD on TradingView.com
The following considerable resistance level is close to $27,000, above which the bulls may gain strength. In the given scenario, the price could approach $28,000.
See also Bitcoin Drops Below $26,000 2 weeks ago
If Bitcoin fails to surpass the $26,500 resistance, a downward correction could occur. Near the $26,100 level is near-term support on the downside.
The next significant support is near $26,000, or the 50% Fibonacci retracement level of the recent increase from the recent low of $25,609 to the current high of $24,490.
A breakdown and closing below the $26,000 level could increase selling pressure. In the situation described, the price could fall to $25,000 or even $25,000.
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