• Bitcoin price jumped 5% but faced resistance near $28,350.
• BTC/USD could face rejection if it stays below $28,350 and $28,500.
• The bulls must settle above the $28,500 level to continue higher towards the $30,000 resistance.
Bitcoin Price Faces Resistance Near 50-Day Moving Average
Bitcoin price increased by 5%, but faced resistance near the 50-day simple moving average (SMA). BTC/USD is still below a key bearish trend line with resistance near $28,350 on the daily chart. For further gains above $30,000, the bulls must settle above the $28,500 level.
Key Support Levels
The price was supported at around the key $25,800 support zone which led to a significant increase in its value. However there is another major support near the $27,000 mark if Bitcoin fails to break past the mentioned resistances.
Upside Break Needed for Sustained Rally
For a sustained rally towards $30,000 level Bitcoin must clear both its hurdles of clearing a key bearish trend line with resistance near $28,350 and settling above the 50-day SMA ($28500). If successful in achieving this feat then an upside break could be expected in prices leading to a rally towards 30k.
Downside Risk
If there is no upside break past these levels then Bitcoin might start another decline below$27,500 and could reach as low as 25K or even lower soon. The first major support lies at around 27K followed by 25K.
Conclusion
Overall Bitcoin will have to make an upside break past these resistances to achieve any significant gains above 30k . Otherwise it might tumble down again towards its supports quite soon.