Cryptocurrency Bitcoin (BTC) is showing some signs of a potential increase after a steady decline in the past few weeks. Having dropped below the key $30,000 support level, the currency tested the $27,200 support where it created a low point. Following this, a small rise was observed above the $27,500 level. On the hourly chart of BTC/USD, a major bearish trend line was broken, considering this as a potential sign of change.

Bitcoin is now trading below the $28,000 resistance level and the 100 hourly simple moving average. It is currently attempting to break through the 23.6% Fib retracement level of the downward move from the $30,460 swing high to the $27,146 low. If Bitcoin's price is successful in achieving a close over the $28,000 resistance and the 100 hourly SMA, a significant increase can be expected in the near future. The first major resistance is formed at $28,500 and the subsequent hurdle at $28,800.

On the upside, an uptrend could possibly propel BTC towards the $29,500 zone, eventually targeting the $30,000 mark. Contrarily, a failure to clear the $28,000 resistance could cause Bitcoin's price to further decline with the first major support near the $27,400 level. Downside break and close below the $27,200 support could drive the price towards the $26,800 support while more losses may sound the bell of a possible test to the $26,500 level.

Technical indicators such as the hourly MACD and the hourly relative strength index (RSI) show that Bitcoin could be headed upwards. The MACD is losing its momentum in the bearish zone, while the RSI currently stands above the 50 level. Major resistance levels lie at $28,000, $28,500, and $28,800, respectively. On the other hand, major support levels are $27,400 followed by $27,200.



Other News from Today