Bitcoin Price Drops Below Support Levels
The price of Bitcoin has fallen below key support levels at $28,000 and $27,800. It is currently trading below $27,500 and the 100 hourly Simple Moving Average (SMA). On the BTC/USD hourly chart, a short-term bearish trend line is forming with resistance near $27,500.
Bitcoin Price Revisits Support
After failing to break above the $28,500 resistance level, the price of Bitcoin has started a downward correction. It has dropped below the $27,500 level and the 100 hourly SMA. Currently, it is testing the $27,200 support zone and consolidating losses.
Resistance and Potential Increase
Bitcoin is now trading below the 100 hourly SMA and faces immediate resistance at the $27,500 level. There is also a bearish trend line forming near this level. The next key resistance could be around $27,880 or the 50% Fibonacci retracement level. If the price manages to close above this resistance, it may start another increase towards $28,500 or even $29,200.
Source: BTCUSD on TradingView.com
Potential for More Losses
If Bitcoin fails to surpass the $27,500 resistance level, there is a possibility of further downsides. Immediate support on the downside is found near $27,200, followed by a major support level at around $26,800. A break below this level could push the price towards $26,200 and then potentially $26,000.
Technical Indicators
The hourly MACD is showing a loss of momentum in the bullish zone, indicating a potential shift in direction. The hourly RSI for BTC/USD is currently below the 50 level.
Hot Take: Bitcoin Faces Resistance Below $28,000
The price of Bitcoin has dropped below key support levels and is now trading below the 100 hourly SMA. It faces resistance near $27,500 and a potential bearish trend line. If the price fails to break above this resistance, there could be further losses with support levels at $27,200 and $26,800. On the other hand, if Bitcoin manages to surpass these resistance levels, it may start another increase towards $28,500 or even $29,200. Traders should closely monitor these levels and technical indicators to make informed decisions.
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