Bitcoin is currently facing a make-or-break situation at the $26,200 resistance level. After dropping to $25,350, the digital currency is now in a recovery phase. The question on everyone’s mind is whether Bitcoin can surpass this crucial resistance and start a significant upward trend.
Although Bitcoin experienced a mild bounce-back from its low of $25,333 and even surpassed the $25,800 resistance level, it remains below the critical resistance of $26,200 and the 100-hourly Simple Moving Average (SMA). Crossing these thresholds is crucial for solidifying Bitcoin’s bullish tendencies.
If Bitcoin successfully breaks through the $26,200 hurdle and the 100-hourly SMA, the next significant resistance to watch is at $26,750, aligning with the 50% Fibonacci retracement level. Breaking the $27,000 resistance could be a game-changer, potentially pushing the price towards $27,500 and signaling the possibility of a significant bull run with resistance levels at $28,000 and potentially $28,800.
On the other hand, failing to break the $26,200 resistance and the 100-hourly SMA could have negative consequences. In this scenario, immediate support lies at the $25,650 threshold. If Bitcoin slides below the $25,350 support, it could initiate a downward spiral with the price potentially reaching as low as $24,800.