Bitcoin Struggles to Recover Above Key Levels
If you were hoping for a Bitcoin recovery, unfortunately, it seems that the cryptocurrency has failed to bounce back above the $26,200 and $26,500 levels. In fact, it’s currently trading below $26,000 and the 100 hourly Simple moving average.
Looking at the hourly chart of the BTC/USD pair, you’ll notice a major bearish trend line forming with resistance near $25,650. This suggests that the pair could continue its downward momentum, potentially dropping below the $25,500 and $25,400 levels in the near future.
Bitcoin Price Resumes Downward Slide
Bitcoin recently made an attempt to recover from the $25,350 zone. However, its struggle to surpass the $26,200 pivot level has kept it firmly in a bearish zone.
The price is once again moving lower and is currently trading below $26,000. This is accompanied by several bearish signals, including the presence of the major bearish trend line near $25,650 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance can be found near the $25,650 level and the trend line. If Bitcoin manages to break above this, the next major resistance lies at the $26,000 level or the 23.6% Fib retracement level.
Hot Take: Bitcoin’s Recovery Hangs in the Balance
As Bitcoin continues to struggle with key resistance levels, the possibility of further losses looms. If it fails to clear the $26,000 resistance, the cryptocurrency could face more downward movement.
Immediate support on the downside is near the $25,350 level, with the next major support level at $25,000. A break below $25,000 could result in a drop towards $24,500.
Technical indicators suggest a bearish outlook, with the hourly MACD gaining pace in the bearish zone. However, the hourly RSI is currently above the 50 level, indicating some potential for recovery.
Keep an eye on Bitcoin’s performance in the coming days as it navigates these critical levels.
Source: BTCUSD on TradingView.com
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