For over a week, the Bitcoin price has been hovering above the $27,000-$26,780 support, showcasing indecisiveness among market participants. The daily candles with multiple lower tails reflect that buyers are accumulating at the aforementioned support. If the buying pressure persists, the BTC price will witness a minor upswing to rechallenge the resistance trendline of the channel pattern.
The ongoing correction phase is still above the 50% Fibonacci retracement level, indicating that the Bitcoin price is bullish in the long term. Several rejection candles at the $27,000 level validate it as a strong demand zone. The intraday trading volume in Bitcoin is $12.5 billion, indicating a 3.3% gain.
By press time, the Bitcoin price traded at the $26,894 mark with an insignificant gain of 0.01%. The price’s continued sideways movement above the $27,000-$26,780 support keeps several cryptocurrencies in uncertainty. However, in the midst of the current consolidation, the BTC price showed a reversal from the support trendline of the channel pattern. This reversal and strong support from $27,000 suggest that the coin price is likely to rise high in the coming trading sessions.
The potential rally may surge the prices 7% higher to hit the channel pattern’s resistance trendline. However, until this overhead trendline is intact, the Bitcoin price may extend the correction phase to lower levels. Thus, a breakout above the resistance trendline is needed to kickstart a new recovery rally that may surpass the last swing top of $31,170.
Technical Indicator-wise, the Moving Average Convergence Divergence (MACD) and signal lines are flattish, accentuating the sideways trend in the market. The Bollinger Band’s lower back shows a downslope, indicating that the bearish momentum in the market is still aggressive.
Bitcoin’s price intraday levels are as follows: the spot rate is at $26,893, with a bullish trend and trapped volatility. Resistance levels stand at $27,800 and $29,800, while support levels are at $26,786 and $25,200.
It is crucial to note that the presented content may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication holds any responsibility for your personal financial loss.
Source: Coingape
