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Bitcoin price is above $27,500 and could spark a larger rally

Bitcoin price is aiming for a key upside break above the $27,500 resistance. A close above $27,500 could see BTC continue rising towards $28,200.

  • Bitcoin is showing positive signs and is facing hurdles near $27,500.
  • The price is above USD 26,850 and the 100 hourly simple moving average.
  • A major bullish trend line is forming with support near $26,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could rally further if there is a clear move above the $27,500 resistance.

Bitcoin price sees further upside potential

Bitcoin price started another increase above the $26,800 resistance zone. BTC remained well bid and even settled above the pivot level of $27,000.

However, the bears are still active near the $27,500 zone. A high is formed at $27,494 and the price is now consolidating gains. Trading price is just below the 23.6% Fib retracement level of the upward move from the swing low $26,657 to high $27,494.

Bitcoin is now trading above $26,850 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $26,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

It is consolidating gains and could eye a fresh rise. The immediate upside resistance is near the $27,450 level. The first major resistance is near the $27,500 zone, above which the price could start another rally. The next key resistance could be near the $28,200 level. A clear move above the $28,200 resistance could propel the price towards the $29,500 resistance. In the case mentioned, the price could even test the $30,000 mark in the coming days.

Are dips in BTC limited?

If Bitcoin fails to start a fresh rise above the $27,500 resistance, it could face a downward correction. The immediate downside support is near the $27,050 level.

The next major support is near the $26,800 level and the trend line. It is close to the 76.4% Fib retracement level of the upward move from the swing low of $26,657 to the high of $27,494. A downward break and close below the $26,800 level could push the price towards the next support at $26,200.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Key support levels – $27,050, followed by $26,800.

Major resistance levels – $27,450, $27,500 and $28,200.

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