Bitcoin

Resistance

<ul>
<li>Bitcoin is holding the key support area of $25,500 and consolidating.</li>
<li>The price is trading above $26,000 and the 100 hourly simple moving average.</li>
<li>On the hourly chart of the BTC/USD pair, there is a significant bullish channel forming with support near $25,750.</li>
</ul>
Bitcoin price is forming a base above the $25,500 support level. If BTC surpasses the key $26,200 resistance area in the near term, it could start a fresh increase.
<h2 id="strong-bitcoin-price-could-test-28-000-strong">Bitcoin Price Could Test $28,000</h2>
<img decoding="async" loading="lazy" class="alignnone size-full wp-image-128137" src="https://en.coinotag.com/wp-content/uploads/2023/04/Bitcoin-Technical-Analysis-Breaking-the-28800-Resistance-Could-Push-BTC.jpg" alt="Bitcoin BTC" width="1920" height="1080" />
Bitcoin price is still trading above the $25,400 support area. BTC is continuing to be supported after the US CPI report showed inflation fell to 4% in May 2023.
The price is slowly moving higher towards the $25,800 level. The recent decline surpassed the 50% Fib retracement level of the move from the $26,260 high to $25,713 low. Additionally, there is a significant bullish channel forming with support near $25,750 on the hourly chart of the BTC/USD pair.
Bitcoin price is currently trading above $26,000 and the 100 hourly simple moving average. It is facing resistance near the $26,150 level or the 76.4% Fib retracement level of the recent decline from the $26,260 high to $25,713 low.
<a href="https://en.coinotag.com/wp-content/uploads/2023/06/Bitcoin-Price-Could-Target-28000-Critical-Levels-to-Watch-for.png"><img decoding="async" loading="lazy" class=" td-modal-image alignnone wp-image-133490 size-full" src="https://en.coinotag.com/wp-content/uploads/2023/06/Bitcoin-Price-Could-Target-28000-Critical-Levels-to-Watch-for.png" alt="btc-usd-1" width="1810" height="804" /></a>
BTC/USD 1 Hour Price Chart
The first major resistance is near the $26,200 level. A clear break above the $26,200 resistance could start a fresh increase. The next major resistance is near the $26,775 level, above which the bulls could push BTC towards the $27,000 resistance area.
The next major resistance is near the $27,200 level, above which Bitcoin could rise towards the $27,500 resistance. Any further gains above the $27,500 resistance could send the price towards the $28,000 resistance area.
<h2 id="strong-is-a-new-decline-possible-in-btc-strong">Is a New Decline Possible in BTC?</h2>
If Bitcoin price fails to surpass the $26,200 resistance, it could start a fresh decline. The immediate downside support is near the $25,780 level and the channel zone.
The next major support level is near the $25,500 level, below which the price could struggle to stay in the positive zone. In this case, the price could decline towards the $25,000 support in the short term.
Technical Indicators:
<ul>
<li>Hourly MACD – The MACD is losing momentum in the bearish zone.</li>
<li>Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.</li>
<li>Major Support Levels – $25,750, followed by $25,500.</li>
<li>Major Resistance Levels – $26,150, $26,200, and $26,775.</li>
</ul>
The post <a rel="nofollow" href="https://en.coinotag.com/bitcoin-price-could-target-28000-critical-levels-to-watch-for-traders/">Bitcoin Price Could Target $28,000! Critical Levels to Watch for Traders</a> appeared first on <a rel="nofollow" href="https://en.coinotag.com">COINOTAG</a>.

Bitcoin Price Could Target $28,000! Critical Levels to Watch for Traders

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