Bitcoin Price Looks Ready For Another Leg Higher Over $28.5K

A second attempt was made by the price of bitcoin to break beyond the $28,500 barrier. BTC, however, found it difficult to get up speed in order to close over the $28,500 resistance area.

There was a downward adjustment below the $28,000 mark as a result. Price fell sharply below the level of the upward movement from the $23,912 swing low to the $28,591 high, or the 50% Fib retracement level. Both the 100 hourly simple moving average and the crucial $27,400 support region were investigated.

The 61.8% Fib retracement level of the upward movement from the $23,912 swing low to $28,591 high was held by the bulls. In the hourly chart of the BTC/USD pair, a significant bullish trend line is also forming, with support located close to $27,780.

The price of bitcoin is currently trading over $27,500 as well as the 100 hourly simple moving average. At the $28,400 mark, there is immediate resistance on the upside.

At the $28,500 region or the most recent high comes the next significant obstacle. Another significant gain could begin if the $28,500 resistance is closed above. In the hypothetical situation, the cost might increase to around $29,200. Any further advances could push the price in the direction of the $30,000 barrier area.

A downward correction in the price of bitcoin could begin if it is unable to overcome the $28,500 resistance. The $27,780 area, the trend line, and the 100 hourly simple moving average provide immediate support on the downside.

The $27,000 region represents the next significant support. The price may move near the $26,200 support area if there are any additional losses. Near the $25,700 mark, there comes the next significant support.