Bitcoin (BTC/USD) is currently hovering around the 26006.51 level, with potential downside price objectives related to selling pressure around the 30222 area. Recent bids have emerged around 25307.37 and reversed around 26123, representing a test of the 38.2% retracement of the recent range. Stops have been elected below the 25462.40 and 25344.24 levels, with downside price objectives related to recent downward activity. Bears anticipate another test of the 25128.94 area, with stops cited below the 24197.68 level.
Key Points:
1. Bitcoin is currently orbiting the 26006.51 level.
2. Recent bids have emerged around 25307.37 and reversed around 26123.
3. Stops have been elected below the 25462.40 and 25344.24 levels.
4. Bears anticipate another test of the 25128.94 area.
5. Stops are cited below the 24197.68 level.
Hot Take:
Bitcoin’s price is currently facing selling pressure and there is a possibility of further downward movement. Traders should closely monitor the key levels mentioned and be aware of potential support and resistance areas. The technical indicators suggest a bearish sentiment in both the 4-hourly and hourly charts.
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