When we look at the current perspective in Bitcoin, the price continues to move within the range of $25,180 to $28,130. It’s noteworthy to mention that the price has successfully captured the midpoint resistance of this range at $26,830 for some time now, which can be positively interpreted. From here, it’s crucial for the price to surpass the last peak resistance at $27,500. Technically, if the price fails to breach this area, I believe there’s a high possibility of forming a new low beneath the recent bottom of $26,000 due to the need for more liquidity. If the $27,500 resistance isn’t overtaken, I expect a retracement down to the $25,300 levels.
For Bitcoin, I’m currently watching the first support level at $26,830 and the primary resistance zone around $27,500. If the price responds positively at the support and manages to conquer the resistance, it will likely follow the price movement depicted in the first chart I tried to highlight below. However, if it fails to capture the resistance and loses the support at $26,830, then we can anticipate a price movement as shown in the second chart.
