Bitcoin Price Could Restart Increase If It Clears This Key Resistance

Oct 5, 2023 04:00 am Cryptocurrency 79

Bitcoin price found support near the $27,200 zone. BTC is now rising and might accelerate higher if it clears the $27,850 resistance zone.

Bitcoin is attempting a fresh increase from the $27,200 support.

The price is trading above $27,500 and the 100 hourly Simple moving average.

There is a key rising channel forming with resistance near $27,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could rise further and revisit $28,500 if it clears the $27,850 resistance zone.

Bitcoin Price Holds Support

Bitcoin price found support near the $27,200 level after a downside correction. BTC remained well-bid and recently started a fresh increase above $27,400.

There was a move above the 23.6% Fib retracement level of the downside correction from the $28,565 swing high to the $27,188 low. Besides, the price surpassed the $27,650 resistance and the 100 hourly Simple moving average.

However, the bears were active near the $27,850 resistance. BTC struggled ..

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