After two-week of meltdowns, Bitcoin found solid support and started to show strength. The price has recovered fully over the past days as it resumes trading above $26k.
Bitcoin started to recover last week following a quick bounce from $19.6k, which happened to be its lowest price in two months. It further pushed higher and closed the week well above the important $20k mark level.
This week, it reiterated actions and surged heavily through the crucial resistance line to mark a 9-month high at $26.4k. Unfortunately, the high level was rejected and the price fell slightly below $24k. It bounced back yesterday and resumed the rally.
The primary cryptocurrency is on the verge of breaking the recently marked high to a new one. There’s no doubt that Bitcoin’s levels have changed as it poses to take more highs. The May 2022 lows are the potential levels BTC is likely to head next in the ongoing rally
And even though the current price level suppresses buying pressure again, Bitcoin may pullback a little to refuel bullish to the mentioned potential levels
However, it is noteworthy to say that Bitcoin has completely reversed the trend from a mid-term perspective considering the past week’s 33% gains. More positive actions should be expected in the coming days.
Bitcoin’s Key Levels To Watch
One of the resistance levels to watch is close at $26,689, which marks the May 2022 lowest price. A hidden resistance level of $27.3k is the next area of interest, followed by the psychological $28k resistance level. Above it lies $28.5k.
If Bitcoin’s price drops, the current pullback level lies at $26k on an hourly scale and $22,255 on a daily. A deep pullback could slip the price to $24,277 and $23,463. The 22,300 and $21,550 supports are key levels to keep in mind for a retest.
Key Resistance Levels: $26,689, $27,300, $28,000
Key Support Levels: $25,255, $24,277, $23,463
- Spot Price: $26,300
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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