Bitcoin Struggles to Break Resistance
You may have noticed that Bitcoin has been trading within a specific range above the $25,500 support zone. Currently, the price is below $26,000 and the 100 hourly Simple Moving Average. In fact, there is a significant bearish trend line forming with resistance near $25,950 on the BTC/USD pair’s hourly chart.
While there may be attempts to recover, it’s important to note that the bears are likely to remain active near $26,200. This suggests that breaking through this resistance level may prove challenging for Bitcoin.
Bitcoin Price Unable to Break Resistance
Bitcoin has made several attempts to surpass the $26,000 resistance zone, but it hasn’t gained enough strength to do so. This has resulted in a fresh bearish reaction, causing the price to decline below the $25,650 level.
However, the bulls have managed to protect the $25,350 support, allowing the price to climb back above $25,500. Despite this recovery, Bitcoin is still trading below $26,000 and the 100 hourly Simple Moving Average.
Moreover, a key bearish trend line is forming with resistance near $25,950 on the BTC/USD pair’s hourly chart. The immediate resistance is also near the $26,000 level and the trend line.
Hot Take: Bitcoin’s Struggle Continues
Bitcoin’s price remains trapped within a range and is facing resistance levels above $26,000. Despite attempts to break through, the bears are keeping the price from rising further.
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