Bitcoin price is constantly forming multiple higher highs and higher lows within an elevated channel leading to a rally near $27,000. However, to reach these levels, the asset is required to break the current resistance, which is quite crucial. Therefore, the next 24-48 hours may turn the tables for BTC price, which may induce significant strength in the asset.

The price of BTC as of late is trending within a pre-defined area for a pre-defined period followed by a breakout towards the next levels. Currently, the price of BTC faced a rejection of $25,000 for the second time in a row and it seems to have weakened the resistance.

Therefore, a last stretch towards $23,000 is expected to instill a firm rally beyond $26,800 in the coming days.

Source: Tradingview

Major support is circled in green on the chart above, while major resistance is painted in red. As the price moves higher and reaches overhead resistance, a significant pullback can be expected near the $23,300 support zone. A significant rally can be expected only if the upper trend lines are broken by a large influx of buying volume.

However, if the price breaks down hard, it can find a solid footing at the 200-day MA which hits lower support just below $23,000. The RSI, which was incremental, has drifted down slightly, but may noticeably stabilize sooner rather than later.

The initial resistance is around $26,900, which can be reached by the end of monthly trading, while the upper target remains beyond $28,200.

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