- Bitcoin has started to rise with strong buyers encountering at the 0.5 Fibonacci support level of $26,364.
- 2-hour candlestick closures above the $26,364 level support BTC’s rise towards $27,460 levels.
- In the bearish scenario, the support zone between $26,100 – $25,757 is important, and movements below this level can strengthen the downward trend.
Bitcoin’s short-term price chart has risen from the 0.5 Fibonacci support level of $26,364 with strong buyers. However, sustainability above or below certain levels will be decisive for BTC’s future movement.
Medium-Term Bitcoin Price Analysis
12 Hour BTC/USD Price Chart
When BTC’s 12-hour price chart is examined, it is seen that it experienced a decline by encountering selling pressure at the $27,250 level, an important resistance zone, and fell to $26,348 levels. Currently, the BTC price is moving around $26,800 levels.
According to technical analysis, BTC has tested and started to rise again from the important support zone of $26,348.
If BTC’s price stays above the $26,348 level, it can continue its upward movement towards $27,600 levels.
Bitcoin can expand the upward trend towards $29,000 levels if it achieves 12-hour candlestick closures above the $27,600 level.
However, if the Bitcoin price cannot exceed the $27,250 level, it is likely to continue the downward movement towards $25,200 levels.
Short-Term Bitcoin Price Analysis
2 Hour BTC/USD Price Chart
When BTC’s short-term price chart is examined, it is seen that it has risen from the important support zone of $26,364, encountering strong buyers.
If BTC’s price continues to have 2-hour candlestick closures above the $26,364 level, it can continue its upward movement towards the $27,460 levels mentioned in the analysis.
However, if Bitcoin’s price achieves 2-hour candlestick closures below the $26,364 level, it can expand the downward movement towards the support zone of $26,100 – $25,757.
If Bitcoin holds onto this support range, it can start its upward movement from this zone and advance towards $27,800 levels.
