Bitcoin price spiked higher above the $29,000 level. BTC corrected lower and is currently consolidating above the $28,000 pivot level.
- Bitcoin gained pace above the $28,500 resistance but upsides were limited.
- The price is trading above $28,000 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $27,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase unless there is a clear move below the $27,650 support.
Bitcoin Price Fails To Retain Gains
Bitcoin price managed to climb further higher above the $28,200 resistance levels. BTC even spiked above the $28,500 and $28,800 resistance levels.
However, upsides were limited above the $29,000 level. A high was formed near $29,190 before the price started a fresh downside correction. There was a move below the $28,800 and $28,500 levels. The price tested the 50% Fib retracement level of the upward wave from the $26,600 swing low to $29,190 high.Bitcoin price is now trading above $28,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $27,900 on the hourly chart of the BTC/USD pair.
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