Bitcoin price rallied and even spiked above the $26,000 resistance. BTC corrected lower, but the bulls are active above the $24,000 support zone.
- Bitcoin started a strong increase above the $24,500 resistance zone.
- The price is trading above $24,000 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $24,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it stays above the $24,000 support zone.
Bitcoin Price Rejects $26.5K
Bitcoin price started a strong increase above the $24,000 resistance zone. BTC even surpassed the $25,000 resistance to move further into a positive zone.
Finally, the price spiked above the $26,000 and $26,200 resistance levels. A high was formed near $26,526 before there was a sharp downside correction. The price declined heavily below the $26,000 and $25,500 levels. It traded close to the $24,000 support zone.A low is formed near $24,051 and the price is now rising. Bitcoin price is trading above $24,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $24,750 on the hourly chart of the BTC/USD pair.
An immediate resistance is near the $25,300 level. It is near the 50% Fib retracement level of the recent decline from the $26,526 swing high to $24,051 low.