Bitcoin Price Extends Recovery But Lack of Momentum Remains A Concern

2023-06-20 03:08:49

Bitcoin price is rising above the $26,500 resistance. BTC could gain bullish momentum if it settles above the $27,200 and $27,500 resistance levels.

Bitcoin is slowly moving higher above the $26,500 resistance.
The price is trading above $26,500 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rise further if it clears the $27,200 and $27,500 resistance levels.

Bitcoin Price Eyes Sustained Upward Move

Bitcoin price managed to settle above the $26,000 resistance zone. BTC climbed higher steadily above the $26,200 and $26,500 resistance levels. It even spiked above the $27,000 level but there was a lack of bullish momentum.

A high is formed near $27,184 and the price is now correcting gains. There was a move below the $27,000 support. It is now trading below the 23.6% Fib retracement level of the recent increase from the $26,253 swing low to the $27,184 high.

Bitcoin price is now trading above $26,500 and the 100 hourly Simple moving average. Besides, there is a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, the price is facing resistance near the $27,200 level. The next major resistance is near the $27,500 level. A close above the $27,500 resistance might spark bullish moves in the near term. The next major resistance is near the $28,500 level, above which the bulls might send BTC toward the $29,200 resistance zone.

Are Dips Supported in BTC?

If Bitcoin’s price fails to clear the $27,200 resistance, it could continue to move down. Immediate support on the downside is near the $26,700 level.

The next major support is near the $26,600 level and the trend line. It is close to the 61.8% Fib retracement level of the recent increase from the $26,253 swing low to the $27,184 high. The main support is now near $26,250, below which the price might gain bearish momentum toward $25,750. Any more losses might send the price toward $25,200 in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.

Major Support Levels – $26,600, followed by $26,250.

Major Resistance Levels – $27,200, $27,500, and $28,500.

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