Bitcoin price started a downside correction from the $28,500 resistance zone. BTC found support near $26,600 and is currently attempting a fresh increase.
- Bitcoin is moving higher above the $27,000 resistance.
- The price is trading below $27,800 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $27,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rally again if there is a clear move above the $28,000 resistance zone.
Bitcoin Price Eyes Fresh Increase
Bitcoin price failed to clear the $28,500 resistance zone and reacted to the downside. The fed increased rates from 4.75% to 5%, which resulted in a bearish reaction. BTC declined below the $27,500 support zone.
Besides, there was a break below a key bullish trend line with support near $27,900 on the hourly chart of the BTC/USD pair. The pair even traded below the $27,000 level. A low is formed near $26,623 and the price is now correcting losses.On the upside, an immediate resistance is near the $27,750 level and trading below $27,800 and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the downward move from the $28,879 swing high to $26,623 low.