Consolidation Expected as Resistance at $27,800 Remains Intact
Bitcoin exhibited a favorable response to the support level of $26,500 recently, leading to an increase in its price towards the upper boundary of the range. This upward movement followed a breach of the midline of the bearish channel and subsequent pullback to it. However, the resistance at the upper boundary of the range, around $27,500, resulted in a negative reaction. Nevertheless, the $27,200 level has currently assumed a temporary support position. Consequently, there is a possibility of a consolidation phase forming between these identified levels. It is worth noting that Bitcoin's price history during consolidation phases has frequently featured significant price fluctuations. Therefore, until the resistance at $27,800 is decisively breached, we anticipate a potential test of the support range between $26,200 and $26,000.
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