Bitcoin price experienced a significant increase and rallied above the $27,500 resistance level. The price is now consolidating near $28,000 and there is a possibility of a minor downside correction in the near future. Bitcoin gained momentum and surpassed the resistance levels of $27,200 and $27,500. It is currently trading above $27,500 and the 100 hourly Simple moving average. On the BTC/USD hourly chart, a key bullish trend line is forming with support near $27,350. The upward move tested the $28,000 resistance and formed a high near $28,087. Bitcoin is now consolidating its gains and remains above the 23.6% Fib retracement level of the upward move from the $26,692 swing low to the $28,087 high. If there is a further increase, the immediate resistance is at the $28,000 level, followed by $28,200 and $28,800. On the downside, the immediate support is at $27,750, and a break below that may lead to a test of $27,350 and potentially $27,000. The technical indicators show that the MACD is losing momentum in the bullish zone and the RSI is above the 50 level.
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