Above the $26,250 resistance, the price of bitcoin began to rebound. In the event that BTC closes above the $27,000 resistance, the positive trend may continue.
Bitcoin price started a recovery wave above the $26,250 resistance. BTC could gain bullish momentum if there is a close above the $27,000 resistance. Bitcoin is slowly moving higher above the $26,250 support zone. The price is trading above $26,250 and the 100 hourly… #BTC pic.twitter.com/2owurgXEN1
— Juan Manuel Chávez ₿ Ξ #Bitcoin 🇲🇽 (@JuanChavMaci) August 24, 2023
- Over the $26,250 support area, Bitcoin is gradually heading upward.
- The price is currently trading over $26,250, as is the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a converging positive trend line is formed, with support located close to $26,250.
- If the pair overcomes the $27,000 resistance, it may continue to advance.
Bitcoin Price Recovers
The price of bitcoin remained strongly above the $25,800 mark. Above $26,050, BTC built a base and launched a recovery wave. The bulls were successful in raising the price above $26,250.
Additionally, the $26,500 resistance was broken. The pricing finally tested the $26,780 range. Near $26,779, a high has formed, and the price is currently consolidating its gains. It is currently trading barely below the previous wave’s recent wave from the $25,360 swing low to the $26,779 high, or the 23.6% Fib retracement level.
🔹Bitcoin's price began a new downtrend and dropped below the $25,800 area.
🔹BTC experienced declines below $25,600 and $25,500 but found support above $25,350.
🔹The price reached a low around $25,359 and then initiated a recovery. pic.twitter.com/5sjn9h6ruk
— Man On Crypto (@ManOnCrypto32) August 23, 2023
On the upside, the $26,600 mark serves as immediate resistance. The price may advance toward the $27,000 resistance if it rises above the first significant resistance, which is now located near the $26,780 mark. A strong advance into the $27,500 resistance zone could be launched by a closure above the $27,000 resistance. Any additional gains might set the stage for a faster rise to $28,200.
Are Dips Supported In BTC?
The $26,780 barrier level represents a potential negative correction for Bitcoin. The $26,250 area and the trend line provide immediate support on the downside.
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— LuckyHash (@LuckyHash_) December 17, 2021
The 50% Fib retracement level of the recent wave from the $25,360 swing low to the $26,779 high is close to the $26,050 level, which is where the next significant support is located. A downward break below $26,050 might send the price back into bearish territory. In the described scenario, the cost might decrease to $25,550.