Bitcoin Price Consolidates Above $26,000 Support
The price of Bitcoin is currently consolidating above the $26,000 support zone. Although it attempted a recovery wave above $26,200, it was rejected by bearish pressure below $26,500.
Bears Remain Active as Price Trades Below $26,400
Bitcoin is now trading below $26,400 and the 100 hourly Simple Moving Average (SMA). Immediate resistance lies near the $26,300 level, where a major bearish trend line is forming on the BTC/USD hourly chart.
Possible Recovery Wave if Key Resistance is Broken
To initiate a recovery wave, Bitcoin needs to settle above the $26,500 resistance. If successful, the price could climb towards the $27,000 resistance and potentially reach $27,500.
Potential for More Losses if Resistance Holds
If Bitcoin fails to break above the $26,300 resistance, it may continue its downward movement. The immediate support level lies near $26,050 and a break below $26,000 could trigger a major decline with the next support at $25,400 and a possible test of $25,000.
Technical Indicators and Key Levels
The MACD indicator is currently in the bearish zone and the RSI for BTC/USD is near the 50 level. Major support levels are at $26,050 and $26,000, while major resistance levels are at $26,300, $26,500, and $27,000.
Hot Take: Bitcoin Consolidates Above Support Level with Potential for Recovery
The price of Bitcoin is currently consolidating above the crucial support level of $26,000. While the bears have kept the price below $26,400 and the 100 hourly SMA, there is still a chance for a recovery wave if the resistance near $26,300 is broken. However, if Bitcoin fails to break above this resistance, it may experience further losses with support levels at $26,050 and $26,000. Technical indicators suggest bearish momentum, but a successful recovery could lead to gains towards $27,000 and beyond.
Source: BTCUSD on TradingView.com
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