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  • bitget-tokenBitget Token (BGB) $ 1.08
  • binance-peg-wethBinance-Peg WETH (WETH) $ 2,450.89
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  • rocket-pool-ethRocket Pool ETH (RETH) $ 2,741.27
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  • mantle-staked-etherMantle Staked Ether (METH) $ 2,552.39
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  • solv-btcSolv Protocol SolvBTC (SOLVBTC) $ 62,433.00
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  • msolMarinade Staked SOL (MSOL) $ 178.45
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  • neoNEO (NEO) $ 10.31
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  • ordinalsORDI (ORDI) $ 33.99
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  • paypal-usdPayPal USD (PYUSD) $ 0.999851
  • nervos-networkNervos Network (CKB) $ 0.014814
  • tokenize-xchangeTokenize Xchange (TKX) $ 8.34
  • eigenlayerEigenlayer (EIGEN) $ 3.52
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  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 62,440.00
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  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 2,512.17
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  • lombard-staked-btcLombard Staked BTC (LBTC) $ 62,430.00
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  • raydiumRaydium (RAY) $ 1.79
  • havvenSynthetix Network (SNX) $ 1.43
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  • harrypotterobamasonic10inHarryPotterObamaSonic10Inu (ETH) (BITCOIN) $ 0.325186

Bitcoin Price Analysis: BTC Faces Key Resistance Near $28.5K

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Bitcoin Price Analysis: BTC Faces Key Resistance Near $28.5K

Bitcoin price is showing positive signs above $2,000 against the US Dollar. BTC might correct lower but dips could be limited below the $27,150 zone.

Bitcoin Price Analysis

Bitcoin price started a steady increase from the $26,000 support zone. The price gained and cleared many hurdles near the $26,500 and $27,000 levels.

There was a clear move above the $27,500 level and the 55 simple moving average (4 hours). The price even rallied above the $28,000 resistance zone. However, the bears were active near the $28,500 zone. A high was formed near $28,473 before there was a downside correction.

The price traded below $28,000 and the 23.6% Fib retracement level of the upward move from the $25,864 swing low to the $28,473 high. The price is now trading well above $27,200 and the 55 simple moving average (4 hours).

Immediate resistance on the upside is near the $28,000 level. There is also a key contracting triangle forming with resistance near $28,000 on the 4-hour chart of the BTC/USD pair. The first major resistance is near the $28,500 level, above which the price could rise toward the $29,500 zone.

Any more gains might send the price toward the $30,000 zone. If there is no upside break, the price might start a downside correction below $27,500.

The next key support is near the $27,150 level or the 50% Fib retracement level of the upward move from the $25,864 swing low to the $28,473 high. Any more losses might call for a move toward the $26,550 support zone.

Bitcoin Price Analysis: BTC Faces Key Resistance Near $28.5K

Bitcoin Price

Looking at the chart, Bitcoin price is trading above $27,200 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $27,150 support zone.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $27,150 and $26,550.

Key Resistance Levels – $28,000, $28,500, and $29,000.

Source

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