Crypto News – Due to whale accumulation, Bitcoin (BTC), the largest cryptocurrency in the world, has seen a considerable increase over the last weekend. With a market capitalization of $544 billion as of this writing, the price of one bitcoin is currently up 3.78% at $27,888.
Bitcoin Holders Fearful: BTC Price Rises Above $27K but May Fall Sharply
According to the technical charts, the recent breach over $27,000 opened the doors for the BTC price to advance up to $27,800. However, long-term Bitcoin owners have been showing signs of fear given the continued worries of a big price collapse.
What Does BTC Price Movement Show?
The 100-hourly Simple Moving Average is above Bitcoin, which is currently trading at $27,000. The $27,300 level, though, is where there is a lot of resistance. The 61.8% Fibonacci retracement level, measured from the decline between the $28,285 swing high and the $26,550 low, may be located close to $27,500, which is the next significant barrier. A clear break over the resistance levels around $27,500 and $27,650 would open the door for a stronger upswing.
On the other hand, a potential collapse could happen if Bitcoin is unable to significantly rise over the $27,500 resistance. Around the $27,000 mark and close to the trendline, there is some initial support on the downside. The next important support level, which coincides with the 100-hourly Simple Moving Average, is located close to $26,900.
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