Bitcoin Struggles to Break Key Resistance Levels
The price of Bitcoin is currently facing difficulties in clearing the $26,500 and $26,700 levels. However, it is still trading above $26,200 and the 100 hourly Simple Moving Average (SMA).
Bullish Trend Line Offers Support
On the hourly chart of the BTC/USD pair, there is a connecting bullish trend line forming with support near $26,200. This suggests that the price may have another opportunity to climb higher unless it drops below $26,200 and $26,000.
Bitcoin Price Attempts Recovery
After finding support at the $26,000 zone, Bitcoin has started a decent recovery. It managed to surpass the $26,350 and $26,500 resistance levels and even briefly broke above $26,700. However, strong selling pressure caused a rejection near $26,818 and resulted in a decline below $26,500.
Current Price Action
The price of Bitcoin is now trading above $26,200 and the 100 hourly SMA. Additionally, there is a bullish trend line offering support near $26,200. The immediate resistance on the upside is around $26,450. If the price can settle above this level and surpass the 50% Fibonacci retracement level of the downward move from the swing high at $26,818 to the low at $26,100, it may signal a potential recovery towards the $27,000 resistance level.
Possible Downside Scenario
If Bitcoin fails to break above the $26,450 resistance level, it could experience another decline. The immediate support on the downside is around $26,200 and the bullish trend line. A break below $26,000 could trigger a major decline, with the next support level at $25,400. Further losses may even lead to a test of $25,000.
Technical Indicators
The hourly MACD is currently in the bearish zone and losing momentum. However, the RSI for BTC/USD is above the 50 level, indicating potential strength in the market.
Hot Take: Bitcoin Struggles to Break Key Resistance Levels
Bitcoin is currently facing challenges in surpassing the crucial resistance levels of $26,500 and $26,700. Although it has recovered from the support zone of $26,000 and is trading above $26,200 along with the 100 hourly SMA, there is still a possibility of further upward movement. The presence of a bullish trend line offering support near $26,200 suggests that the price may climb higher unless it drops below $26,200 and $26,000. On the other hand, if Bitcoin fails to break above the resistance at $26,450, it could experience another decline with key support levels at $26,200 and $26,000. Technical indicators show mixed signals with the MACD losing momentum while the RSI is above 50.
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