Bitcoin price is surging above $28,000. BTC is up nearly 8% and there are chances of a move toward the $30,000 resistance zone.
- Bitcoin is gaining pace above the $27,000 resistance.
- The price is trading above $27,500 and the 100 hourly Simple moving average.
- There is a major bullish trend line forming with support near $27,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if it clears the $29,000 and $29,200 resistance levels.
Bitcoin Price Rallies Above $28K
Bitcoin price formed a strong support base above the $26,000 pivot level. BTC started a fresh rally and was able to clear the $27,500 resistance zone.
It opened the doors for a sustained upward move above the $28,000 level. The price even tested the $29,000 resistance zone. A high is formed near $29,000 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the recent surge from the $26,650 swing low to the $29,000 high.Bitcoin price is now trading above $27,500 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $27,300 on the hourly chart of the BTC/USD pair.
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