Bitcoin price failed to clear the $28,500 resistance and corrected lower. BTC retested the $27,250 support and is currently attempting a fresh increase.
- Bitcoin is holding gains and still consolidating above the $27,250 zone.
- The price is trading below $27,800 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $27,780 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle to clear the $27,800 and $28,500 resistance levels in the near term.
Bitcoin Price Faces Key Hurdles
Bitcoin price started a decent increase above the $27,800 resistance. However, BTC failed to remain in a positive zone and revisit the $28,500 resistance zone.
There was a steady decline below the $28,000 level. The price declined below the $27,500 level, but the bulls were active above the $27,250 support zone. A low was formed near $27,275 and the price is now rising. There was a move above the $27,500 level.Bitcoin climbed above the 23.6% Fib retracement level of the recent decline from the $28,284 high to the $27,275 high. It is now trading below $27,800 and the 100 hourly Simple moving average.
Besides, there is a key bearish trend line forming with resistance near $27,780 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $27,780 level and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $28,284 high to the $27,275 high.