{"id":176119,"date":"2023-05-29T03:39:13","date_gmt":"2023-05-29T03:39:13","guid":{"rendered":"https:\/\/precoinnews.com\/?p=176119"},"modified":"2023-05-29T03:39:13","modified_gmt":"2023-05-29T03:39:13","slug":"bitcoin-price-prints-bullish-technical-pattern-why-close-above-28500-is-critical","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-price-prints-bullish-technical-pattern-why-close-above-28500-is-critical\/","title":{"rendered":"Bitcoin Price Prints Bullish Technical Pattern, Why Close Above $28,500 Is Critical"},"content":{"rendered":"<p><em>Bitcoin price is up 4% and trading above $28,000. BTC must clear the $28,500 resistance zone to continue higher in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin is gaining pace above the $27,500 and $27,800 resistance levels.<\/li>\n<li>The price is trading above $28,000 and the 100 hourly Simple moving average.<\/li>\n<li>There is a key bullish trend line forming with support near $27,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could correct lower but the bulls might be active near $27,700 and $27,500.<\/li>\n<\/ul>\n<h2>Bitcoin Price Recovers Over 4%<\/h2>\n<p>Bitcoin price managed to stay above the $26,000 support zone. BTC formed a base and started a recovery wave above the $27,000 resistance.<\/p>\n<p>There was a steady increase once the price cleared the $27,500 resistance zone. It is up over 4% and there was a break above the $28,000 resistance. A high is formed near $28,450 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $27,143 swing low to the $28,450 high.<\/p>\n<p>Bitcoin price is now trading above $28,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $27,700 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Immediate resistance on the upside is near the $28,320 level. The next major resistance is near the $28,500 level. A close above the $28,500 resistance zone might send the price toward the $29,200 resistance zone.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/05\/Bitcoin-20.png\"><\/p>\n<p>Source: BTCUSD on TradingView.com<\/p>\n<p>The next key resistance is near $29,500, above which the price might rise toward the $30,000 resistance. Any more gains might send the price toward the $31,200 resistance level.<\/p>\n<h2>Are Dips Limited in BTC?<\/h2>\n<p>If Bitcoin\u2019s price fails to clear the $28,500 resistance, it could start a downside correction. Immediate support on the downside is near the $28,000 level.<\/p>\n<p>The next major support is near the $27,700 zone or the 50% Fib retracement level of the upward move from the $27,143 swing low to the $28,450 high, below which the price might test the $27,500 support. Any more losses might take Bitcoin toward the $27,200 level in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is in the overbought zone.<\/p>\n<p>Major Support Levels \u2013 $28,000, followed by $27,700.<\/p>\n<p>Major Resistance Levels \u2013 $28,320, $28,500, and $29,200.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-bullish-28500-critical\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is up 4% and trading<\/p>\n","protected":false},"author":3,"featured_media":176118,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Price Prints Bullish Technical Pattern, Why Close Above $28,500 Is Critical - 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