Bitcoin Struggles to Clear Resistance, Price Eyes Fresh Increase
Bitcoin is currently facing challenges in clearing the $26,500 resistance zone. The price is trading below $26,200 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a bearish trend line is forming with resistance near $26,070.
Main Breakdown
- Bitcoin failed to stay above $26,500 and started a fresh decline
- Price is now stuck in a range above the $25,900 support zone
- Immediate resistance is near $26,100, the trend line, and the 100 hourly Simple Moving Average
- To start a strong increase, the price must settle above the $26,500 resistance
- If Bitcoin fails to clear $26,200 resistance, it could continue to move down
Hot Take
If Bitcoin manages to settle above the $26,500 resistance, it could test the $27,000 level and potentially pave the way for further gains. On the other hand, a failure to clear the $26,200 resistance may lead to more losses, with support levels at $25,900 and $25,400.
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