Bitcoin price is attempting an upside break above the $26,200 resistance. BTC must clear $26,200 and $26,500 to start a decent recovery wave.
- Bitcoin is still struggling to clear the $26,500 resistance zone.
- The price is trading above $26,000 and the 100 hourly Simple moving average.
- There was a break above a short-term bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could attempt a fresh increase if it clears $26,200 and $26,500.
Bitcoin Price Faces Hurdles
Bitcoin price started a short-term upward move from the $25,720 zone. BTC was able to climb above the $26,000 resistance zone but it is still facing a lot of hurdles.
During the recent increase, it broke the 23.6% Fib retracement level of the downward move from the $26,779 swing high to the $25,778 low. Besides, there was a break above a short-term bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair.A clear move above the $26,200 level might send the price toward the key resistance at $26,500. Intermediate resistance is near the 61.8% Fib retracement level of the downward move from the $26,779 swing high to the $25,778 low at $26,400.