Bitcoin Price Analysis: BTC Eyes Another Increase To 30K

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  • Bitcoin price is attempting a fresh increase from the $26,000 zone against the US Dollar.
  • The price is now trading near $27,100 and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $27,100 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it clears the $27,480 resistance zone.

Bitcoin price is rising from $26,550 against the US Dollar. BTC might eye another increase if the bulls remain active above the $26,650 zone.

Bitcoin Price Analysis

Bitcoin price remained well-bid above the $26,000 level. A base was formed and the price was able to settle above the $26,500 resistance zone. The bulls remained active above $26,500 and initiated a decent increase.

There was a move above the 23.6% Fib retracement level of the key decline from the $29,851 swing high to the $25,811 low. Besides, there was a break above a key bearish trend line with resistance near $27,100 on the 4-hour chart of the BTC/USD pair.

Bitcoin price is now trading near $27,100 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $27,480 level.

The next major resistance might be near the $27,840 zone or the 50% Fib retracement level of the key decline from the $29,851 swing high to the $25,811 low. A clear move above the $27,480 and $27,850 resistance levels might send the price toward $28,500.

Any more gains might push the price toward the $29,500 zone. If there is no upside break, the price might start a fresh decline below the $27,100 level and the 55 simple moving average (4 hours).

The first major support is near $27,000. The next key support is near the $26,500 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $26,000 level in the coming sessions.

Bitcoin Price Analysis: BTC Eyes Another Increase To 30K0

Bitcoin Price

Looking at the chart, Bitcoin’s price is trading near $27,100 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $27,480 resistance zone.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $27,000 and $26,500.

Key Resistance Levels – $27,480, $27,850, and $28,500.



Source

Updated: 05/24/2023 — 01:00

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