Bitcoin Price Continues to Decline
The price of Bitcoin is currently experiencing a downward trend, indicating bearish signals below the $27,000 mark. Additionally, the price is trading below the 100 hourly Simple Moving Average.
On the hourly chart of the BTC/USD pair, two bearish trend lines are forming with resistance levels around $26,950 and $27,400. These factors suggest that the pair may continue to decline in the near future, potentially reaching the support level at $26,000.
Bitcoin Price Struggles to Recover
Despite attempts to initiate a recovery wave above the $27,500 resistance level, Bitcoin has remained in a bearish zone and has continued to decline below $27,000.
The price briefly tested the $26,500 support level after dropping below $26,800. However, it is currently attempting another recovery wave. Nevertheless, there are several obstacles hindering its progress.
Bitcoin is currently trading below $27,000 and the 100 hourly Simple Moving Average. Moreover, two bearish trend lines with resistance levels around $26,950 and $27,400 are also present on the BTC/USD pair’s hourly chart.
Possible Resistance and Support Levels
The immediate resistance lies near the first trend line at around $26,950. This level is close to the 23.6% Fibonacci retracement level from the recent downward move.
If Bitcoin manages to surpass this initial resistance level, it may encounter further resistance near the second trend line at approximately $27,400. This level coincides with the 50% Fibonacci retracement level.
The primary resistance lies at $27,500 and the 100 hourly Simple Moving Average. A breakthrough above this level could potentially lead to a test of the $27,800 mark.
Source: BTCUSD on TradingView.com
Hot Take: Bitcoin Faces Potential Further Losses
If Bitcoin fails to recover and surpass the $27,000 resistance level, it may experience additional losses. The immediate support on the downside is near $26,650, followed by a major support level at $26,500. A break below this support could result in a further decline towards the $26,000 level.
Technical indicators such as the MACD and RSI also suggest a bearish outlook for Bitcoin. The MACD is currently losing momentum in the bearish zone, while the RSI for BTC/USD is below the 50 level.
Key Support Levels: $26,650, $26,500
Key Resistance Levels: $27,000, $27,400, $27,500
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