Bitcoin Breaks $26,228 Resistance, Eyes $27,400

Bitcoin Breaks $26,228 Resistance, Eyes $27,400

Bitcoin Breaks $26,228 Resistance, Eyes $27,400

In an X post published earlier today, the cryptocurrency analysis and trading website Whale Analysis noted that Bitcoin (BTC) surpassed the key resistance level at $26,228 over the past 24 hours.

The page added in its post that the next threshold Bitcoin will need to reach is $27,400.

However, Whale Analysis cautioned that the market leader’s pricing may be susceptible to a correction in the coming weeks.

According to the post, the cryptocurrency’s value could return to the $25,000 range if it fails to maintain its position above the 20-day exponential moving average (EMA).

Bitcoin technically traded above the 20-day exponential moving average (EMA), around $26,306.92.

In addition, the 9-day EMA was also endeavoring to cross above the 20-day EMA. Should these two technical indicators cross, a significant bullish technical flag will be activated.

This particular technical flag will indicate a shift in short-term momentum in favor of purchasers.

Consequently, the dominant cryptocurrency’s price may rise within 24–48 hours. Should this bullish technical flag be confirmed, BTC may attempt to turn the $26,917.47 resistance level into support.

Subsequently, sustained buy support may cause BTC’s price to rise to the $27,400 level indicated in today’s post by Whale Analysis.

A break below the 20-day exponential moving average, however, will invalidate the bullish thesis. In this scenario, the dominant cryptocurrency’s price may lose support at $26,000, resulting in BTC trading in the $25,000–$26,000 range.

CoinMarketCap indicated that Bitcoin was trading at $26,550.76 at publication. This occurred after the cryptocurrency posted a 24-hour increase of 0.23 percent.

In addition, this most recent increase in BTC’s price contributed to the cryptocurrency’s weekly performance, bringing it to +2.71%.

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