Bitcoin Price Consolidates Above Key Support, Eyes Potential Breakout


 Bitcoin's price is currently consolidating above the $27,000 support level, and it may soon gear up for another surge if it successfully moves past the $28,150 resistance level.

Bitcoin Price Consolidates Above Support, Eyeing Fresh Lift-Off

As of now, Bitcoin is trading above the $27,500 resistance level and the 100 hourly simple moving average, according to data from Kraken. There is also a key bullish trend line forming with support near $27,500 on the hourly chart of the BTC/USD pair.

After failing to clear the $28,800 resistance zone, BTC started a downside correction and broke the $27,500 support zone. However, the bulls were active near the $27,000 support zone, and the price rebounded. There was a clear move above the $27,500 resistance zone, and the price surpassed the 50% Fib retracement level of the downward move from the $28,798 swing high to $27,007 low.

On the upside, the immediate resistance is near the $28,120 level, which is close to the 61.8% Fib retracement level of the downward move from the $28,798 swing high to $27,007 low. The next major resistance is near the $28,150 zone, and a close above this resistance might initiate another significant increase. In such a case, the price could rise towards the $28,800 level, and any further gains might send the price towards the $29,500 resistance zone.

In case the price fails to clear the $28,150 resistance, it could start another decline. The immediate support on the downside is near the $27,800 zone and the 100 hourly SMA. The next significant support is near the $27,600 zone or the trend line, and any further losses might send the price towards the $27,150 support zone.

In conclusion, Bitcoin's price is consolidating above support and eyeing a fresh lift-off if it clears the $28,150 resistance zone. On the other hand, a failure to do so could lead to another decline, with support levels at $27,800, $27,600, and $27,000.

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