Bitcoin Price Hints At Potential Correction, But Can BTC Clear This Hurdle?

Oct 16, 2023 04:00 am Cryptocurrency 83

Bitcoin price started an upside correction from the $26,550 zone. BTC is rising and facing a strong resistance near the $27,300 and $27,500 levels.

Bitcoin managed to recover above the $27,000 resistance zone.

The price is trading above $27,000 and the 100 hourly Simple moving average.

There was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair is showing signs of a recovery, but it could struggle near $27,300 and $27,500.

Bitcoin Price Attempts Fresh Recovery

Bitcoin price found support near the $26,550 level. BTC bears attempted to clear $26,550, but they failed. As a result, the price started an upside correction above the $26,800 resistance.

There was a move above the 23.6% Fib retracement level of the downward move from the $28,285 swing high to the $26,550 low. Besides, there was a break above a major bearish trend line with resistance near $27,000 ..

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