Bitcoin

<ul><li>Bitcoin is correcting gains below the $28,000 support area.</li><li>The price is trading above $27,500 and is above the hourly 100 simple moving average.</li><li>Bulls may start a new increase if they manage to hold the $27,500 support.</li></ul>The price of Bitcoin is consolidating gains around $28,400. BTC needs to stay above the $27,500 support in the near term to start a new increase.<h2 id="header-0">Bitcoin Holds Above $27,500</h2>The price of Bitcoin started a decent increase above the $28,000 resistance area. However, BTC struggled to surpass the $28,400 and $28,500 resistance levels.A peak was formed around $28,450 and the price started a downside correction. A move below the $28,000 support area occurred. The price fell below the 50% Fib retracement level of the upward move from the $27,143 low to $28,450 high.Additionally, a major bullish trend line was broken around $27,720 on the hourly BTC/USD chart. Bitcoin price is still trading above $27,500 and the 100 hourly simple moving average.<img src="https://en.coinotag.com/wp-content/uploads/2023/05/Will-Bitcoin-be-able-to-rise-above-28000-again.png" />BTC/USD 1 Hour Price ChartThe price is finding buyers near the 61.8% Fib retracement level of the upward move from the $27,143 low to $28,450 high. The next major resistance level is around $28,000. The next important resistance level is around $28,400.Above $28,000, an upward move could send the price towards the $28,500 major resistance. A close above the $28,500 resistance area could trigger a strong increase towards the $29,200 resistance area. The next major resistance level is around $29,400, above which the price may tend to rise towards the $30,000 resistance.<h2 id="header-1">Can BTC Continue to Decline?</h2>If the price of Bitcoin cannot surpass the $28,000 resistance, the downward trend may continue. The immediate support level is around $27,580.The next major support area is around $27,500, and falling below this level could cause the price to gain bearish momentum. In this case, the price may fall towards the $27,150 support level and the 100 hourly simple moving average.Technical indicators:<ul><li>Hourly MACD – MACD is currently losing momentum in the bearish market zone.</li><li>Hourly RSI (Relative Strength Index) – RSI for BTC/USD is above the 50 level.</li><li>Important Support Levels – $27,580, followed by $27,500.</li><li>Important Resistance Levels – $28,000, $28,400, and $28,500.</li></ul>Source: <a href="https://en.coinotag.com/will-bitcoin-be-able-to-rise-above-28000-again/" rel="noopener noreferrer nofollow">https://en.coinotag.com/will-bitcoin-be-able-to-rise-above-28000-again/</a>

Will Bitcoin be able to rise above $28,000 again?

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