• Bitcoin price started a fresh increase above the $27,500 zone against the US Dollar.
• There is a key bullish trend line forming with support near $28,000 on the 4-hour chart of the BTC/USD pair.
• The pair could continue to rise if it stays above the $27,400 support zone.
Bitcoin Price Analysis
Bitcoin price started a steady increase from the $25,000 support zone and gained momentum after clearing many hurdles near the $26,500 and $27,000 levels. The price even rallied above the $28,000 resistance zone and reached as high as $29,050 before correcting lower. There is now a key bullish trend line forming with support near $28,000 on the 4-hour chart of the BTC/USD pair which could provide strong support for further gains in bitcoin price.
Immediate resistance on the upside is near the $29,000 level. If there are no more bearish pressures present at this level then bitcoin price could continue its upward move towards the first major resistance at around $29,250 followed by a test of psychological resistance at around $30,000. Further gains might send bitcoin prices up to test higher resistances of around$31,200.
On any pullback or correction in bitcoin prices down below current levels there are two important supports that need to hold for further gains in bitcoin prices: firstly immediate support lies at around 28K followed by another stronger support at around 27400 where previously there was an unsuccessful attempt made by bears to push prices lower but bulls were able to defend this level successfully due to which new highs have been created recently in bitcoin prices.
The MACD is currently gaining momentum in bullish zone while Relative Strength Index (RSI) has crossed 50 mark indicating positive sentiment among traders for further gains in Bitcoin Prices during this summer season..
Overall outlook for Bitcoin remains positive as long as critical supports remain intact indicating potential for further gains if buyers manage to break higher resistances near 29K and 30K respectively during upcoming sessions..