Bitcoin Price Steadies Above $26K, Can Bulls Pump It Further?

Bitcoin price is moving higher above the $26,000 resistance. BTC could continue to rise if there is a clear move above the $26,800 zone.

Bitcoin started a recovery wave above the $26,000 resistance.
The price is trading above $26,000 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance near $26,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rise further if it clears the $26,650 and $26,800 resistance levels.

Bitcoin Price Regains $26,000

Bitcoin price remained well-bid above the $25,500 resistance zone. As a result, BTC started a fresh recovery wave above the $26,000 resistance zone and even broke $26,200.

The bulls pushed the price above the $26,500 level. A high is formed near $26,793 and the price is now consolidating gains. It is now trading near the 23.6% Fib retracement level of the upward move from the $24,751 swing low to the $26,793 high.

Bitcoin price is now trading above $26,000 and the 100 hourly Simple moving average. Besides, there is a key bearish trend line forming with resistance near $26,200 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

If there is another increase, the price might face resistance near the $26,650 level. The next major resistance is near the $26,800 level. A clear move above the $26,800 resistance might push the price further higher. The next major resistance is near the $27,200 level, above which the bulls might send BTC toward the $27,500 resistance zone.

Dips Limited in BTC?

If Bitcoin’s price fails to clear the $26,800 resistance, it could start a downside correction. Immediate support on the downside is near the $26,300 level.

The next major support is near the $26,200 level and the trend line, below which the price might start test the 100 hourly Simple moving average. The key support is now near $25,750 or the 50% Fib retracement level of the upward move from the $24,751 swing low to the $26,793 high. Any more losses might send the price toward $25,200 in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.

Major Support Levels – $26,200, followed by $26,000.

Major Resistance Levels – $26,650, $26,800, and $27,200.

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