Bitcoin price forms a base above the $25,500 support. BTC could start a fresh increase if it clears the key resistance zone at $26,200 in the near term.
- Bitcoin is holding the key $25,500 support zone and consolidating.
- The price is trading above $26,000 and the 100 hourly simple moving average.
- A major bullish channel is forming with support near USD 25,750 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair could start a recovery wave if there is a move above the USD 26,200 resistance.
Bitcoin price could recover soon
Bitcoin price is still trading above the $25,400 support zone. BTC remained supported after the US CPI report was released, which showed that inflation eased to 4% in May 2023.
The price is slowly moving higher above the $25,800 level. It erases the 50% Fib retracement level from the recent drop from the $26,260 swing high to the $25,713 low. In addition, a major ascending channel is forming with support near $25,750 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $26,000 and the 100 hourly simple moving average. It appears to be meeting resistance near the $26,150 level or the 76.4% Fib retracement level of its recent fall from the $26,260 swing high to the $25,713 low.
The first major resistance is near the $26,200 level. A clear move above the $26,200 resistance could trigger another rise. The next major resistance is near the $26,775 level, above which the bulls could send BTC into the $27,000 resistance zone.
Source: BTCUSD at TradingView.com
The next key resistance is near the USD 27,200 level, above which Bitcoin could rise towards the USD 27,500 resistance. More gains above the $27,500 resistance zone could push the price towards the $28,000 resistance zone.
New Decline in BTC?
If the price of Bitcoin fails to clear the $26,200 resistance, it could trigger another decline. Immediate downside support is near the $25,780 level and the channel zone.
The next major support is near the $25,500 level, below which the price could struggle to stay in a positive zone. In the said case, the price could fall towards the $25,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Levels – $25,750 followed by $25,500.
Major resistance levels – $26,150, $26,200 and $26,775.
