Bitcoin Price Declines Amid Bearish Signs
The price of Bitcoin is currently showing bearish signs as it moves lower, trading below the $27,500 level and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $27,550. The downward movement could potentially accelerate below the $27,000 support in the near future.
Bitcoin Price Reacts to Rising Israel-Hamas Tensions
The decline in Bitcoin’s price can be attributed to the ongoing tensions between Israel and Hamas. As the conflict intensifies, with over 1,200 deaths reported by Israel, investors are showing a cautious approach towards Bitcoin.
The downward movement in price is evident as it falls below the $27,500 pivot level. Additionally, there has been a break below the 76.4% Fib retracement level of the upward move from the $27,185 swing low to the $28,284 high. The crucial support zone at $27,200 has also been breached.
Potential Resistance Levels for Bitcoin
In case of an upside correction, Bitcoin may encounter resistance near the $27,400 level. The next significant resistance level lies at $27,500 along with the trend line. The major resistance point is at $27,800, and a breakthrough above this level could lead to a test of $28,250.
Source: BTCUSD on TradingView.com
Possible Further Losses for Bitcoin
If Bitcoin fails to recover above the $27,500 resistance, there is a potential for more losses. Immediate support can be found near the $27,000 level or the 1.236 Fib extension level of the upward move from the $27,185 swing low to the $28,284 high. The next major support lies at $26,500, and a break below this level could push the price further down to $26,000.
Technical Indicators
The hourly MACD shows that it is gaining momentum in the bearish zone. The RSI (Relative Strength Index) for BTC/USD has fallen below the 50 level.
Hot Take: Bitcoin Faces Bearish Pressure Amidst Rising Geopolitical Tensions
Bitcoin’s price is currently on a downward trend as it fails to gain momentum above key resistance levels. The ongoing conflict between Israel and Hamas has added to the bearish sentiment in the market. With Bitcoin trading below crucial support levels and forming a bearish trend line, there is a possibility of further losses in the near term. However, if Bitcoin manages to break above resistance levels and geopolitical tensions ease, we may see a potential upward movement towards $28,500 and even $30,000.
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