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Bitcoin Price Analysis: Testing Key Resistance at $26,200, Recovery Expected

bitcoin crypto currency diagram scaled 1

Bitcoin’s price has shown resilience, finding support above the $25,500 level and indicating a potential rebound. The cryptocurrency exhibits a gradual uptick, surpassing the $25,800 mark and forming a significant rising channel on the hourly chart of BTC/USD. Trading above $26,000 and the 100 hourly Simple Moving Average, Bitcoin faces resistance near $26,150. A breakthrough above the $26,200 resistance level could trigger a fresh rally, with key resistances at $26,775, $27,000, and $27,200 potentially propelling Bitcoin towards the $28,000 zone.

However, a failure to breach the $26,200 resistance might lead to a downward move. Immediate support lies near $25,780 within the channel zone, with critical support at $25,500. A break below this level could disrupt the positive trend and potentially push the price towards $25,000 in the near term.

Traders are advised to closely monitor Bitcoin’s performance as it approaches these crucial levels, providing valuable insights for informed trading decisions.

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