Bitcoin price has continued to rise in the last 24 hours, starting to see resistance above $28,000. Now we see the effort to build support. Let’s take a look at the latest developments in the BTC/USD pair and important support and resistance levels.
Current Bitcoin technical analysis: What happens to the BTC price?
Bitcoin (BTC) price continued to rise for about 10 days, crossing $28,000 yesterday and recording a year high at $28,474. Thus, it rallied more than 43 percent after visiting below $20,000 in the beginning of March alone. It also made the daily close at $28,054 yesterday. However, the leading cryptocurrency, which started to see selling pressure in the $ 28,100 region, is experiencing a correction today. Whether this rise will continue or not depends on the support it will create below.
We see this on the daily chart of the BTC/USD pair. Bitcoin price has been correcting with a red candle after a green candle for the past four days. Today, after seeing above $28,000 with such a correction, it declined to $27,500. If the supports here create enough buying pressure, we can see the test of the $30,000 region in Bitcoin price. In general, many analysts said that the target for BTC price is the $28,000 – $30,000 region. A major fix will follow after this target.
Bitcoin price support and resistance levels
For bitcoin price support and resistance levels, let’s look at the BTC/USD 4-hours chart. On this chart, we see a rally reaching the $28,500 resistance for the first time in months. It started to see selling pressure around $28,250 on this chart. Therefore, it is now down and the $27,200 region provides support. So there is some upside here. However, it is still trading below $27,500. In particular, the purchasing power that will occur at the support levels below will determine the direction in the price.
After these developments, the first significant resistance in front of Bitcoin price is now at $ 27,500. Further ahead is the recently tested $28,250 resistance. Of course, the main resistance area is at $28,500. Below is short-term support at $27,200. However, the 2 most important supports are at $27,000 and $26,000. If these levels are maintained, it can rise again towards the obstacles in front of it.
In summary, Bitcoin price support and resistance levels are as follows:
- Support levels: $27,200 and $27,000
- Resistance levels: $27,500 and $28,250
BTC/USD technical indicators
The MACD from the technical indicator is in the bearish zone. The RSI indicator has returned to the 60 level.