{"id":29852,"date":"2023-09-20T02:52:44","date_gmt":"2023-09-20T06:52:44","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=29852"},"modified":"2023-09-20T02:52:44","modified_gmt":"2023-09-20T06:52:44","slug":"bitcoin-price-close-above-27500-could-spark-larger-degree-rally","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/20\/bitcoin-price-close-above-27500-could-spark-larger-degree-rally\/","title":{"rendered":"Bitcoin Price Close Above $27,500 Could Spark Larger Degree Rally"},"content":{"rendered":"

Bitcoin price is eyeing a key upside break above the $27,500 resistance. BTC could rally further toward $28,200 if there is a close above $27,500.<\/em><\/p>\n

Bitcoin is showing positive signs and facing hurdles near $27,500.
\nThe price is trading above $26,850 and the 100 hourly Simple moving average.
\nThere is a major bullish trend line forming with support near $26,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rally further if there is a clear move above the $27,500 resistance.<\/p>\n

Bitcoin Price Eyes More Upsides<\/h2>\n

Bitcoin price started another increase above the $26,800 resistance zone<\/a>. BTC remained well-bid and even settled above the $27,000 pivot level.<\/p>\n

However, the bears are still active near the $27,500 zone. A high is formed near $27,494 and the price is now consolidating gains. It is trading just below the 23.6% Fib retracement level of the upward move from the $26,657 swing low to the $27,494 high.<\/p>\n

Bitcoin is now trading above $26,850 and the 100 hourly Simple moving average<\/a>. There is also a major bullish trend line forming with support near $26,800 on the hourly chart of the BTC\/USD pair.<\/p>\n\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

It is consolidating gains and might eye a fresh increase. Immediate resistance on the upside is near the $27,450 level. The first major resistance is near the $27,500 zone, above which the price could start another rally. The next key resistance could be near the $28,200 level. A clear move above the $28,200 resistance could send the price toward the $29,500 resistance. In the stated case, the price could even test the $30,000 level in the coming days.<\/p>\n

Are Dips Limited In BTC?<\/h2>\n

If Bitcoin fails to start a fresh increase above the $27,500 resistance, it could start a downside correction. Immediate support on the downside is near the $27,050 level.<\/p>\n

The next major support is near the $26,800 level and the trend line. It is close to the 76.4% Fib retracement level of the upward move from the $26,657 swing low to the $27,494 high. A downside break and close below the $26,800 level might send the price toward the next support at $26,200.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $27,050, followed by $26,800.<\/p>\n

Major Resistance Levels \u2013 $27,450, $27,500, and $28,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is eyeing a key upside break above the $27,500 resistance. BTC could rally further toward $28,200 if there is a close above $27,500.<\/em><\/p>\n

Bitcoin is showing positive signs and facing hurdles near $27,500.
\nThe price is trading above $26,850 and the 100 hourly Simple moving average.
\nThere is a major bullish trend line forming with support near $26,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rally further if there is a clear move above the $27,500 resistance.<\/p>\n

Bitcoin Price Eyes More Upsides<\/h2>\n

Bitcoin price started another increase above the $26,800 resistance zone<\/a>. BTC remained well-bid and even settled above the $27,000 pivot level.<\/p>\n

However, the bears are still active near the $27,500 zone. A high is formed near $27,494 and the price is now consolidating gains. It is trading just below the 23.6% Fib retracement level of the upward move from the $26,657 swing low to the $27,494 high.<\/p>\n

Bitcoin is now trading above $26,850 and the 100 hourly Simple moving average<\/a>. There is also a major bullish trend line forming with support near $26,800 on the hourly chart of the BTC\/USD pair.<\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

It is consolidating gains and might eye a fresh increase. Immediate resistance on the upside is near the $27,450 level. The first major resistance is near the $27,500 zone, above which the price could start another rally. The next key resistance could be near the $28,200 level. A clear move above the $28,200 resistance could send the price toward the $29,500 resistance. In the stated case, the price could even test the $30,000 level in the coming days.<\/p>\n

Are Dips Limited In BTC?<\/h2>\n

If Bitcoin fails to start a fresh increase above the $27,500 resistance, it could start a downside correction. Immediate support on the downside is near the $27,050 level.<\/p>\n

The next major support is near the $26,800 level and the trend line. It is close to the 76.4% Fib retracement level of the upward move from the $26,657 swing low to the $27,494 high. A downside break and close below the $26,800 level might send the price toward the next support at $26,200.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $27,050, followed by $26,800.<\/p>\n

Major Resistance Levels \u2013 $27,450, $27,500, and $28,200.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-29852","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=29852"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29852\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29852"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}