Bitcoin price remained strong above the $25,500 zone. BTC could soon attempt a recovery wave above the $26,500 resistance zone in the near term.
- Bitcoin is still consolidating above the $25,500 support zone.
- The price is trading near $26,050 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance near $25,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a decent increase if there is a clear wave above the $26,500 resistance.
Bitcoin Price Eyes Recovery
Bitcoin price started another decline below the $25,800 zone. BTC spiked below the $25,600 and $25,500 levels. However, downsides were limited below the $25,350 level.
A low was formed near $25,359 and the price started a fresh increase. There was a move above the $25,500 and $25,600 levels. The price climbed above the $26,000 level and tested $26,150. Besides, there was a break above a connecting bearish trend line with resistance near $25,900 on the hourly chart of the BTC/USD pair.Bitcoin is now trading near $26,050 and the 100 hourly Simple moving average. It is also above the 23.6% Fib retracement level of the recent increase from the $25,359 swing low to the $26,155 high.
Immediate resistance is near the $26,150 level. The next major resistance is near $26,250. A close above the $26,250 resistance might send the price toward the $26,500 resistance zone.