Bitcoin Struggles to Recover Above $26,500 Resistance Zone
Bitcoin price attempted a recovery wave above the $26,000 resistance zone but struggled to continue higher. It formed a top near the $26,500 zone and recently started a fresh decline. The price is now trading below $26,400 and the 100 hourly Simple Moving Average. If there is a break below the $25,600 support, the pair could continue to move down.
Main Breakout Zone and Potential Increase
The main breakout zone is forming near the $27,000 level. A close above this resistance could lead to a decent increase towards the $27,550 resistance zone, and potentially even higher gains towards $28,150.
Possible Decline in Bitcoin
If Bitcoin fails to clear the $26,250 resistance, it may continue to move down. Immediate support on the downside is near the $25,900 zone. The next major support is near $25,600, and a break below this level could push the price further into a bearish zone, potentially dropping towards $25,000.
Technical Indicators
The MACD is now gaining pace in the bearish zone, indicating a potential further decline. The RSI for BTC/USD is now below the 50 level, suggesting a bearish momentum.
Key Takeaway: Bitcoin is facing resistance below the $26,500 zone and struggling to recover. If it fails to clear the $26,250 resistance, the price could continue to decline. However, a breakout above $27,000 could lead to a potential increase. Technical indicators are currently bearish.
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