Bitcoin may recover towards $27K. Here’s why.
The price of Bitcoin is currently consolidating above the $25,500 support level and could potentially increase if it surpasses the key $26,200 resistance zone. Bitcoin is trading above $26,000 and the 100 hourly Simple moving average, with a major rising channel forming and support near $25,750 on the hourly chart of the BTC/USD pair. If the price breaks above the $26,200 resistance level, it could start a recovery wave and potentially reach the $27,000 resistance zone. However, if it fails to clear the $26,200 resistance level, it could start another decline, with immediate support near the $25,780 level and the channel zone. The next major support level is near $25,500, and if it drops below that, the price could struggle to remain in a positive zone and potentially drop toward the $25,000 support level.