Bitcoin price trimmed all losses and climbed above $28,000. BTC must clear the $28,500 resistance zone to start a steady increase in the coming sessions.
- Bitcoin is moving higher above the $28,000 resistance.
- The price is trading above $28,000 and the 100 hourly simple moving average.
- There is a connecting bullish trend line forming with support near $28,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rally if there is a close above the $28,400 resistance zone.
Bitcoin Price Eyes Fresh Rally
Bitcoin price started a major downside correction after the fed increased rates from 4.75% to 5%. BTC dived below the $27,500 level before the bulls appeared near the $26,600 zone.
A low was formed near $26,623 and the price started a fresh increase. It trimmed all its losses and climbed above the $27,500 resistance zone. There was a clear move above the $28,000 resistance, but the bears were again active near the $28,500 zone.Bitcoin price is now trading above $28,000 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $28,000 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $28,500 level.