Bitcoin price rallied above $26,500 and $27,000. BTC tested the $28,000 resistance zone and is currently correcting lower toward $27,000.
- Bitcoin jumped and cleared the $26,500 resistance zone.
- The price is trading above $26,500 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance near $26,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is correcting gains, but it might find bids near $27,000 or $26,700.
Bitcoin Price Regains Strength
Bitcoin price started a decent increase following news that a US court ruled in favor of Grayscale against the SEC, opening the doors for ETF. BTC gained pace and was able to clear the $26,500 resistance zone.
There was a steady increase, and the price even broke the $27,500 resistance zone. Finally, it tested the $28,000 resistance zone. A high is formed near $28,150 and the price is now correcting gains. There was a minor decline below the $27,800 level.The price traded below the 23.6% Fib retracement level of the upward move from the $25,927 swing low to the $28,150 high. However, Bitcoin is still trading above $26,500 and the 100 hourly Simple moving average.
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