Bitcoin price is struggling to clear the $27,500 resistance. BTC could attempt another increase if it stays above the $27,000 support.
- Bitcoin is still struggling to gain pace above the $27,400 and $27,500 levels.
- The price is trading above $27,000 and the 100 hourly Simple moving average.
- There was a break above a major bearish trend line with resistance near $27,140 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it stays above the $27,000 pivot level.
Bitcoin Price Revisits Support
Bitcoin price started a decent increase from the $26,550 zone. BTC was able to clear the $26,850 and $27,000 resistance levels. It also sparked some positive moves in Ethereum.
During the increase, there was a break above a major bearish trend line with resistance near $27,140 on the hourly chart of the BTC/USD pair. The pair spiked above the $27,400 resistance but there was no upside continuation. A high is formed near $27,511 and the price is now moving lower.There was a move below the 23.6% Fib retracement level of the upward move from the $26,536 swing low to the $27,511 high. Bitcoin price is now trading above $27,000 and the 100 hourly Simple moving average. It is also testing the broken trend line at $27,150.
Immediate resistance on the upside is near the $27,280 level. The next major resistance is near the $27,400 level. The main resistance is still near $27,500. A close above the $27,500 resistance zone might send the price toward the $28,200 resistance zone.