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Bitcoin Price Aims Fresh Increase To $28K But Faces Hurdles

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Aayush Jindal

Key Highlights

  • Bitcoin price is eyeing a steady increase toward $28,000.
  • BTC broke a key bearish trend line with resistance at $25,820 on the 4-hour chart.
  • EUR/USD is struggling to recover above the 1.0800 resistance.
  • Crude oil prices rallied further toward the $90 level.

Bitcoin Price Technical Analysis

Bitcoin price extended downsides and traded below the $26,000 level. However, losses were limited, and BTC/USD found support near $24,850.

Looking at the 4-hour chart, the price started a fresh increase above the $25,200 and $25,500 levels. It broke a key bearish trend line with resistance at $25,820. There was a move above the 61.8% Fib retracement level of the downward move from the $26,433 swing high to the $24,866 low.

On the upside, the price is facing resistance near the $26,650 level and the 200 simple moving average (green, 4 hours). A successful close above the $26,650 level might spark a decent increase.

In the stated case, the price may perhaps rise toward the $27,500 level. The next stop for Bitcoin bulls may perhaps be near the $28,000 level.

If not, Bitcoin might start another decline below the $25,800 support. The next major support is near the $25,450 level. If there is a downside break and a close below $25,450, Bitcoin might revisit the $24,850 zone.

Economic Releases

  • US Initial Jobless Claims - Forecast 225K, versus 216K previous.
  • US Retail Sales for August 2023 (MoM) – Forecast +0.2%, versus +0.7% previous.
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