Will Bitcoin be able to rise above $28,000 again?

• Bitcoin is correcting gains below the $28,000 support area.
• The price is trading above $27,500 and is above the hourly 100 simple moving average.
• Bulls may start a new increase if they manage to hold the $27,500 support.

The price of Bitcoin is consolidating gains around $28,400. BTC needs to stay above the $27,500 support in the near term to start a new increase.

Bitcoin Holds Above $27,500

The price of Bitcoin started a decent increase above the $28,000 resistance area. However, BTC struggled to surpass the $28,400 and $28,500 resistance levels.

A peak was formed around $28,450 and the price started a downside correction. A move below the $28,000 support area occurred. The price fell below the 50% Fib retracement level of the upward move from the $27,143 low to $28,450 high.

Additionally, a major bullish trend line was broken around $27,720 on the hourly BTC/USD chart. Bitcoin price is still trading above $27,500 and the 100 hourly simple moving average.

BTC/USD 1 Hour Price Chart

The price is finding buyers near the 61.8% Fib retracement level of the upward move from the $27,143 low to $28,450 high. The next major resistance level is around $28,000. The next important resistance level is around $28,400.

Above $28,000, an upward move could send the price towards the $28,500 major resistance. A close above the $28,500 resistance area could trigger a strong increase towards the $29,200 resistance area. The next major resistance level is around $29,400, above which the price may tend to rise towards the $30,000 resistance.

Can BTC Continue to Decline?

If the price of Bitcoin cannot surpass the $28,000 resistance, the downward trend may continue. The immediate support level is around $27,580.

The next major support area is around $27,500, and falling below this level could cause the price to gain bearish momentum. In this case, the price may fall towards the $27,150 support level and the 100 hourly simple moving average.

Technical indicators:

• Hourly MACD – MACD is currently losing momentum in the bearish market zone.
• Hourly RSI (Relative Strength Index) – RSI for BTC/USD is above the 50 level.
• Important Support Levels – $27,580, followed by $27,500.
• Important Resistance Levels – $28,000, $28,400, and $28,500.