BTC Loses $26.9K As Investors Expect A Break Past $28K – Cryptopolitan
Bitcoin price analysis reveals a brief rise to the $26.8K level. Bitcoin’s price has been consolidating around the $26,500 level for the past 3 days. BTC’s key support is present at $26,000, a level that has been held for a couple of days
Today’s Bitcoin price analysis shows that BTC’s price bounced off key support at $25,500 and broke past the $26,500 resistance, reaching an intraday high of $26,989.07. A rally to $27,000-$28,000 is expected over the next few days as investors anticipate a break past these levels and aim for higher highs.
BTC/USD Analysis on a Daily Chart: Bulls Need to Defend the $26,600 Level to Avoid a Deeper Price Correction
Bitcoin’s daily chart shows that BTC/USD is still in an uptrend, with support at the $25,500 and $26,000 levels. Bulls need to defend these levels to maintain the uptrend and prevent deeper price corrections. Market sentiment is bullish as investors expect a break past the $28,000 resistance. If BTC breaks past this level, a rally to the high price of $29,868 should not be ruled out. On the other hand, if market sentiment turns bearish and the bears push prices lower than the key support levels mentioned above, we can expect a deeper correction towards the $23K-$24K range.
The BTC/USD pair experienced a drop in value at the start of the week’s final Wall Street trade. It briefly dipped below the important 100-day and 200-week moving averages (MAs), but recovered. The market appears to be in a consolidation phase, with investors waiting for a strong break past the $28K level before taking new positions. As such, bulls will need to defend the levels mentioned above and push prices higher if they are to see further gains in the near future.
The technical indicators on the daily chart are currently bearish. For example, the relative strength index remains at 37.87 and no signs of bullish activity have yet been seen. The MACD is also bearish, with the PPO line crossing below zero and the histogram showing red bars in its negative territory.
Bitcoin price analysis on a 4-hour chart: Bullish crossover underway
The BTC/USD 4-hour chart shows that a bullish crossover is underway between the 9-day exponential moving average (EMA) and the 21-day EMA. This could signal further upside in the pair if the bulls can defend key support levels.
The relative strength index in this time frame remains at 41.44, indicating no strong bear. A bullish candle above $26,800 should be a positive sign. However, if the bears push the prices lower than the key support levels mentioned above, we can expect further corrections in the Bitcoin price analysis. A drop below $25,500 could lead to a deeper correction towards the 23K-24K range.
Bitcoin price analysis conclusion
Market sentiment appears bullish as investors expect a break past the $28,000 resistance. However, bulls need to defend key support levels to sustain the uptrend and avoid deeper price corrections. A rally to the high price of $29,868 should be expected if BTC breaks past the $28K level in the near future. On the other hand, if the bears push prices lower than the support levels mentioned above, further corrections are likely.
While you wait for Bitcoin to move forward, check out our price estimates on XDC, Polkadot and Curve
Disclaimer. The information provided is not trading advice. Cryptopolitan.com has no responsibility for investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
