The Bitcoin price has been bullish since the early trading hours, as the prices have risen up from the previous day’s lows at around $26,500. The price is currently trading above $27,200 but requires a minor boost to break above the crucial resistance at $27,500. Although, the token displayed a bewildered price movement, the possibility of a bullish breakout appears to be pretty high after the recent upswing.
The moving average, or MA, levels are considered one of the important resistance or support levels. The hourly or daily MA levels offer the base in case of an extended bearish trend, and hence rising above these levels, flashes bullish signals for the crypto in the short term. However, if the price surges above the weekly MA, then it can be considered bullish in the long term, regardless of whether the rally is trading under the bearish influence in the short term.
Presently, the BTC price is trying to bounce off the 200-week MA levels, which displays the accumulated strength among the bulls. The bulls are slowly elevating the price, which appears to be a sluggish trend for the bears. Therefore, this may be the reason that the price has remained stuck within the region without rising above the resistance or plunging below the support levels.
Therefore, it is now important for the Bitcoin (BTC) price to sustain above $27,000 and try to surge beyond the crucial resistance at $27,500 initially and later at $28,000. However, the price is required to reach above $29,000 anyhow which may trigger a healthy upswing to test $30,000. Although the bears may quickly attempt to dominate the rally, the bulls may hold the price above the support levels and trigger a fine upswing ahead.
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