After a brief dip below the $27,000 support level, Bitcoin price is retracing some of its losses. For the short-term, the price needs to move past $27,800 for any major rise in value. On the downside, $27,000, $26,500 and $26,000 are sizeable supports.
The 100 Hourly Simple Moving Average (SMA) acting as a support currently, as well as the 50% fib retracing of the swing low to swing high mark is providing some assistance too. Currently, Bitcoin is trading just below the $27,400 mark, the resistance needed to be overcome for any major upsurge.
The Relative Strength Index (RSI) has been hovering above the 50 level, indicating a possible larger upside in the short-term, mainly if price breaks the key resistance of $27,800.
The indicators are pretty positive for Bitcoin currently, as the MACD is gaining pace in the bullish zone. It further supports the case for a price increase.
If Bitcoin manages to break the $27,800 resistance, it could test the $28,000 and $28,500 levels. For a deeper downside, the levels $27,000, $26,500, and $26,000 cushion which it may come to rest upon. In an extreme situation, a break-down past these marks can result in a slump to the $25,500 level.
Adriana Parker
- 2023-05-15
Bitcoin Price Retracing its Losses with Hopes of Short-Term Increase
Bitcoin price has managed to retrace some of its recent losses, but needs to break the $27,800 resistance level for any major upsurge. The indicators are showing a bullish picture.
