• Bitcoin price jumped 5% but faced resistance near $28,350.
• BTC/USD could face rejection if it stays below $28,500.
• If a clear move is above the $28,850 level, the price could rise toward the $30,000 resistance.
Bitcoin Price Attempts Fresh Increase
This past week, Bitcoin price extended its decline below the $27,000 level. The BTC/USD pair even broke the $26,500 support and spiked below $26,000. However, the bulls remained active near the key $25,800 support zone and formed a low near $28,850 which triggered a 5% increase.
The bulls pumped the price above the 50% Fib retracement level of the downward move from the $29,847 swing high to the $28,857 low. Bitcoin faces resistance near both the 50-day simple moving average (blue) and a key bearish trend line with resistance near $28,350 on daily chart. To continue higher BTC must settle above both of these levels at around 28350 and 28500 USD.
Further Upside Potential
If a successful break is made through these levels then there is potential for further upside towards 30K USD in short term future as well as 31K USD in medium term future if momentum can be sustained after that point.
However if Bitcoin fails to breach this range then there is possibility that price may start another decline towards 27K USD followed by 25850 USD followed by 25K USD if momentum continues downwards after that point.
Overall it appears that Bitcoin needs to make a clear break through 28350 and 28500 levels in order for any significant upside movement to take place otherwise we are likely to see further downside action in coming days or weeks ahead depending on market conditions at that time