- Bitcoin is holding the key support area of $25,500 and consolidating.
- The price is trading above $26,000 and the 100 hourly simple moving average.
- On the hourly chart of the BTC/USD pair, there is a significant bullish channel forming with support near $25,750.
Bitcoin price is forming a base above the $25,500 support level. If BTC surpasses the key $26,200 resistance area in the near term, it could start a fresh increase.
Bitcoin Price Could Test $28,000
Bitcoin price is still trading above the $25,400 support area. BTC is continuing to be supported after the US CPI report showed inflation fell to 4% in May 2023.
The price is slowly moving higher towards the $25,800 level. The recent decline surpassed the 50% Fib retracement level of the move from the $26,260 high to $25,713 low. Additionally, there is a significant bullish channel forming with support near $25,750 on the hourly chart of the BTC/USD pair.
Bitcoin price is currently trading above $26,000 and the 100 hourly simple moving average. It is facing resistance near the $26,150 level or the 76.4% Fib retracement level of the recent decline from the $26,260 high to $25,713 low.
BTC/USD 1 Hour Price Chart
The first major resistance is near the $26,200 level. A clear break above the $26,200 resistance could start a fresh increase. The next major resistance is near the $26,775 level, above which the bulls could push BTC towards the $27,000 resistance area.
The next major resistance is near the $27,200 level, above which Bitcoin could rise towards the $27,500 resistance. Any further gains above the $27,500 resistance could send the price towards the $28,000 resistance area.
Is a New Decline Possible in BTC?
If Bitcoin price fails to surpass the $26,200 resistance, it could start a fresh decline. The immediate downside support is near the $25,780 level and the channel zone.
The next major support level is near the $25,500 level, below which the price could struggle to stay in the positive zone. In this case, the price could decline towards the $25,000 support in the short term.
Technical Indicators:
- Hourly MACD – The MACD is losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
- Major Support Levels – $25,750, followed by $25,500.
- Major Resistance Levels – $26,150, $26,200, and $26,775.
