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As the cryptocurrency market remains in anticipation, Bitcoin (BTC) is exhibiting signs of vitality, trading above the crucial $26,250 support level. The price is securely positioned above this threshold as well as the 100 hourly Simple Moving Average (SMA), laying the groundwork for potential further gains. Data from Kraken indicates that the emergence of a positive trend line intersecting with support around $26,250 on the hourly chart of the BTC/USD pair serves as an encouraging signal.
The focus of the cryptocurrency community is now directed towards a significant milestone: overcoming the $27,000 resistance. After solidifying its position above the $25,800 mark, Bitcoin initiated a recovery phase, moving past the $26,050 level. The bulls demonstrated their strength, successfully elevating the price above the $26,250 threshold. Additionally, a notable breakthrough occurred beyond the $26,500 resistance, culminating in a test of the $26,780 area.
The market is presently consolidating just below the 23.6% Fibonacci retracement level, calculated from the swing low at $25,360 to the peak at $26,779. Importantly, Bitcoin remains above the $26,250 level and the 100 hourly SMA. The persistent presence of the connecting positive trend line on the hourly chart of the BTC/USD pair bolsters the bullish momentum.
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The immediate resistance level on the path to further gains is approximately $26,600. The first significant hurdle, however, lies near $26,780, which, if surpassed, could facilitate a move towards the $27,000 resistance. A successful breach of this barrier might pave the way for a substantial surge targeting the $27,500 resistance zone. Achieving this could set the stage for even higher levels, with BTC enthusiasts aiming for a target of $28,200.
Nonetheless, the market’s delicate balance is accompanied by uncertainty. Should Bitcoin fail to breach the $26,780 resistance, a correction may ensue. The supporting trend line acts as the initial line of defense on the downside, positioned near $26,250. A more substantial safety net can be found around the $26,050 level, or the 50% Fibonacci retracement level, which serves as a crucial checkpoint following the recent journey from the $25,360 low to the $26,779 high.
From a technical perspective, the hourly Moving Average Convergence Divergence (MACD) indicator reflects increasing bullish momentum, while the hourly Relative Strength Index (RSI) for BTC/USD is above 50, suggesting a favorable equilibrium between buyers and sellers.
As Bitcoin navigates its resistance challenges, the cryptocurrency community is closely monitoring the charts, contemplating whether this marks the next stage of ascent to new heights or if a corrective setback is imminent.
The post Bitcoin Price Starts Recovery But Can Bulls Clear This Hurdle? appeared first on BitcoinWorld.
