Bitcoin Price Fails to Clear Resistance and Drops Again
The price of Bitcoin has experienced another decline after it was unable to surpass the $27,500 resistance level. Currently, BTC is trading below $26,500 and the 100-hourly Simple Moving Average (SMA). On the hourly chart of the BTC/USD pair from Kraken, a significant bearish trend line is forming near $26,500.
Bitcoin Price Drops Again
The failure to clear the $27,500 resistance caused Bitcoin’s price to drop once again. It fell below both the $27,000 and $26,500 support levels, entering a bearish zone. Additionally, it moved below the $26,200 support level and tested the $26,000 zone. The price is currently consolidating its losses just above the 23.6% Fibonacci retracement level.
Bitcoin Trades Below Key Levels
Bitcoin is now trading below both $26,500 and the 100-hourly SMA. The immediate resistance on the upside is around $26,350. The first major resistance is near $26,500 and includes a bearish trend line as well as the 61.8% Fibonacci retracement level.
Source: BTCUSD on TradingView.com
Possible Further Losses for Bitcoin
If Bitcoin fails to break above the $26,500 resistance, it may continue its downward movement. The immediate support on the downside is near $26,050. The next major support level is around $26,000. A break below this level could lead to further losses and a test of the support at $25,400. If the downtrend continues, there is a possibility of a test of $25,000.
Technical Indicators and Key Levels
The hourly MACD is currently in the bearish zone and losing momentum. The RSI for BTC/USD is below the 50 level. The major support levels to watch are $26,000 and $25,400, while the major resistance levels are $26,350, $26,500, and $26,700.
Hot Take: Bitcoin Struggles to Break Resistance
Bitcoin’s price has faced significant resistance at the $27,500 level and has subsequently dropped again. With BTC trading below key support levels and forming a bearish trend line near $26,500, there is a risk of further downside movement. If the resistance at $26,500 remains unbroken, Bitcoin could continue its decline towards the next support levels at $26,000 and potentially even $25,400. Traders should closely monitor these key levels and technical indicators to assess the market sentiment and potential future price movements.
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