Bitcoin is currently consolidating above the $27,500 support level and could experience a fresh increase if it breaks above the $28,000 resistance zone. However, if it fails to clear this resistance, the price may continue to move down with immediate support at the $27,550 level.
The 100 hourly Simple moving average and a key bearish trend line with resistance near $27,850 are also important indicators to watch on the hourly chart of the BTC/USD pair. Technical indicators show that the MACD is gaining pace in the bearish zone and the RSI for BTC/USD is below the 50 level.
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