Bitcoin price is correcting gains and trading below $27,500. BTC must stay above the 100 hourly SMA to start a fresh increase in the near term.
- Bitcoin struggled to climb above $27,500 and started a downside correction.
- The price is trading above $26,600 and the 100 hourly Simple moving average.
- There is a key rising channel forming with support near $27,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it stays above $26,750 and the 100 hourly SMA.
Bitcoin Price Corrects Gains
Bitcoin price climbed higher above the $27,200 resistance zone. However, BTC struggled to clear the $27,500 resistance and started a downside correction.
The price declined below the $27,250 level and the 23.6% Fib retracement level of the upward move from the $25,827 swing low to the $27,677 high. The price is now approaching key support near $27,000. There is also a key rising channel forming with support near $27,000 on the hourly chart of the BTC/USD pair.Bitcoin price is now trading above $26,600 and the 100 hourly Simple moving average. Immediate resistance is now forming near the $27,250 level. The next major resistance is near the $27,500 level.
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