Bitcoin Price Analysis: Pressure Mounts After Failure to Break Resistance
Bitcoin (BTC/USD) experienced a decline in the Asian session as it failed to sustain a break above the 26429 area, resulting in selling pressure and a subsequent peak around 26460.41. The bulls were unable to push the price above the 25953.46 level, which represents a 38.2% retracement from the recent high. Bears are now anticipating a test of the 25128.94 area, with a potential break below 25462.40 intensifying bearish pressure. Key price objectives below the market include 24197.68, 24511, 24339, 23164, 22949, 21496, and 20702. However, technical support may be found at the 15460 and 19568.52 levels. Traders are observing bearish indications from the moving averages, with the 50-bar MA (4-hourly) below the 100-bar MA (4-hourly) and 200-bar MA (4-hourly). The 50-bar MA (hourly) is also below the 200-bar MA (hourly) but above the 100-bar MA (hourly).
Hot Take
Bitcoin is facing pressure after failing to break resistance and is now at risk of further decline. Bears are in control as the price struggles to move above key levels, indicating a potential downward movement. However, there is still some technical support that may provide a buying opportunity for traders. The moving averages are bearishly positioned, suggesting a continuation of the downward trend. It is important to closely monitor the price action and key levels to make informed trading decisions.
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