- The price of Bitcoin
has been trending upwards since early hours and is currently trading above $27,200. - The BTC price is attempting to jump above the 200-week MA (moving average) levels, which indicate the strength among bulls.
- Bitcoin (BTC) price currently needs to break above the significant resistance level of $27,500.
The Asian session presented a significant rise in BTC price, and if the bulls continue, a rise to $30,000 is possible this week!
Bulls May Sustain the Rise in Bitcoin Price!
The price of Bitcoin has been trending upwards since early hours and moved upwards from the previous day’s lowest levels of around $26,500. The price is currently trading above $27,200, but a little support is required to break the critical resistance level of $27,500. Although the recent rise suggests a high probability of a bull run, BTC has exhibited a mixed price movement.
Moving averages, or MA levels, are considered as one of the significant resistance or support levels. Hourly or daily MA levels provide fundamental support in an extended downtrend and breaking above these levels provides short-term bullish signals for the cryptocurrency. However, if the price crosses above the weekly MA, it can be considered bullish in the long term, even if it is under the influence of short-term bearishness.
BTC/USDT Weekly Price Chart
Currently, the BTC price is attempting to jump above the 200-week MA levels, which indicate the strength among bulls. Bulls are gradually pushing the price upwards, and it appears to be a slow trend for bears. Therefore, the price may be seen stuck in the region without breaking above the resistance level or falling below the support levels.
Therefore, it is essential for the Bitcoin (BTC) price to sustain above $27,000 and attempt to break above the significant resistance level of $27,500 and then $28,000. However, the price needs to cross above $29,000 in any way, which can trigger a healthy rise to test $30,000. While bears may try to quickly take over the rally, bulls may hold the price above the support levels and trigger a significant rise.
