Bitcoin price attempted a fresh increase above the $28,000 resistance zone. BTC struggled and is currently consolidating gains below $28,000.
- Bitcoin is facing a few hurdles above the $28,000 resistance.
- The price is trading above $27,000 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $27,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a downside correction if there is a break below $27,200.
Bitcoin Price Consolidates Gains
Bitcoin price remained well supported above the $26,000 zone. BTC made a couple of attempts to clear the $28,000 and $28,400 resistance levels.
However, the bears were active near the $28,500 level. A high is formed near $28,590 and the price is currently consolidating gains. There was a move below the $28,000 level. The price tested the 23.6% Fib retracement level of the upward wave from the $23,912 swing low to $28,590 high.Bitcoin price is now trading above $27,000 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $27,700 on the hourly chart of the BTC/USD pair.
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