Bitcoin Struggles to Break Resistance Level
The price of Bitcoin is currently struggling to break above the $27,500 resistance level. It is trading below both the $26,500 mark and the 100 hourly Simple Moving Average. On the BTC/USD pair’s hourly chart, there is a significant bearish trend line forming near $26,420.
Bitcoin Price Faces Hurdles
The price of Bitcoin has experienced a fresh decline, falling below the $26,800 level. It has also dropped below the $26,500 and $26,200 support levels, entering a negative zone.
Although there has been a minor recovery wave above the $26,200 level, the bears are preventing a breakthrough above the $26,500 resistance. The price is struggling to surpass the 50% Fibonacci retracement level of its recent drop from the $26,712 swing high to the $26,026 low.
Bitcoin is currently trading below $26,500 and the 100 hourly Simple Moving Average. The immediate resistance on the upside lies near the $26,400 level. Additionally, a key bearish trend line with resistance near $26,420 is forming on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
Potential for Further Losses in BTC
If Bitcoin fails to surpass the $26,500 resistance level and initiate an upward movement, it may continue to decline. The immediate support on the downside can be found near the $26,150 mark.
The next major support lies around $26,000. A break and close below this level could trigger another significant decline, potentially leading to a test of the next support level at $25,400. Further losses may even push the price towards $25,000.
Technical Indicators
The MACD indicator on the hourly chart is currently showing a loss of momentum in the bearish zone. The Relative Strength Index (RSI) for BTC/USD has dropped below the 50 level.
Hot Take: Bitcoin Struggles to Break Resistance Level
The price of Bitcoin is facing hurdles as it struggles to break above the $27,500 resistance level. Despite a minor recovery wave, the bears are preventing a breakthrough above the $26,500 mark. If Bitcoin fails to surpass this resistance and continues to decline, it may test support levels at $26,150 and $26,000. Technical indicators suggest a bearish trend for Bitcoin in the short term. Overall, Bitcoin’s price movement remains uncertain as it battles resistance and faces potential further losses.
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