Bitcoin price trimmed yesterday’s losses and climbed above $26,500. BTC is now again facing strong resistance near the $27,400 zone.
- Bitcoin started a fresh decline after it dived toward the $25,500 support.
- The price is trading above $26,500 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now facing a major hurdle near the $27,400 and $27,500 levels.
Bitcoin Price Revisits $27,500
Bitcoin price found support near the $25,400 zone after a major decline. BTC formed a base and was able to start a recovery wave above the $26,000 level.
There was a break above a connecting bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair. The pair was able to clear the $27,000 resistance to move into a positive zone. However, the bears were again active near the $27,400 and $27,500 levels.Bitcoin price is trading above $26,500 and the 100 hourly Simple moving average. Immediate resistance is near the $27,400 level. The next major resistance is near the $27,500 level. A close above $27,500 might send the price further higher.