Bitcoin price is correcting losses from the $27,660 zone. BTC is now facing strong resistance near the $28,800 and $29,000 levels.
- Bitcoin is attempting a fresh increase above the $28,500 resistance zone.
- The price is trading below $28,800 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support near $28,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline again if it fails to surpass the $28,800 resistance zone.
Bitcoin Price Upsides Capped
Bitcoin price formed a base and started a recovery wave above the $28,000 resistance zone. BTC climbed above the $28,200 resistance zone to move into a short-term bullish zone.
There was a move above the 23.6% Fib retracement level of the key drop from the $29,975 swing high to the $27,665 low. However, the bulls faced a strong resistance near the $28,800 zone and the 100 hourly Simple moving average.Bitcoin price was rejected near the 50% Fib retracement level of the key drop from the $29,975 swing high to the $27,665 low. It is now trading below $28,800 and the 100 hourly Simple moving average.
Besides, there is a connecting bullish trend line forming with support near $28,200 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $28,800 level. The next major resistance sits near the $29,000 zone and the $29,080 level.