Bitcoin price analysis: Bullish momentum builds as bulls aim for $27,500 resistance

Bitcoin price analysis shows that Bitcoin opened today’s trading session on a bullish note, trading at around $26,944.04. The 20-day exponential moving average (EMA) also supports the BTC/USD pair and stays above $26,000 for most of yesterday’s session. Bitcoin price is hovering near the $27,000 resistance level, and bulls are looking for a breakout to propel BTC toward its next target of $28,000.

BTC/USD daily chart analysis: BTC price stalls near $27,000

Bitcoin price analysis on the daily chart shows Bitcoin’s price tapped an intraday high of $27,150.98 but has lacked enough momentum to break past the $27,000 resistance level. The 50-day simple moving average (SMA) and the 200-day SMA line remain above the 20-day EMA line, which suggests that the Bitcoin price is in a strong uptrend.

BTC/USD 24-Hour Chart, Source: TradingView

The price seems stuck at the $26,900 level, with bulls and bears in a tug-of-war. The relative strength index (RSI) also suggests that the market is in bullish territory, but it has remained below the 70-level since yesterday’s trading session.

If bulls can muster enough buying pressure to break past the $27,000 resistance level, BTC could see an upsurge toward its next resistance level of $28,000. On the other hand, failure to break the $27,000 resistance sees Bitcoin price fall back towards the $26,660 support level. A break below this level could see BTC tumble down toward its next support of $25,700.

BTC/USD 4-hour chart analysis: BTC forms an ascending triangle pattern

Bitcoin price analysis on the 4-hour chart shows BTC is forming an ascending triangle pattern, a sign that buyers are looking to push prices higher. The formation of this pattern also suggests that Bitcoin could see an upsurge soon.

BTC/USD 4-Hour Chart, Source: TradingView

The RSI recently dropped below the 50-level, but it remains in bullish territory, suggesting that bulls have the upper hand in the market. If buyers break past the $27,000 resistance level and further sustain their gains above this level, Bitcoin could surge to its next target of $28,000 over the next few days. On the other hand, failure to break past the $27,000 resistance could see BTC fall back. The MACD line has positioned itself above the red signal line, suggesting a bullish breakout could be imminent. Bitcoin’s candle close above the $27,000 resistance level is needed for a real bullish rally.

Bitcoin price analysis conclusion

Bitcoin price analysis shows that BTC is consolidating near the key $27,000 resistance level as bulls look to break past this barrier and propel prices towards its next target of $28,000. A strong rejection at this level could see Bitcoin fall back toward its support of $26,660. For now, buyers maintain the upper hand in the market and could soon manage to breach the $27,000 resistance level.

While waiting for Bitcoin to move further, see our Price Predictions on XDC, Polkadot, and Curve

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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