Bitcoin Attempts Recovery Wave, Faces Hurdles
Bitcoin is currently in the process of recovering from its recent dip below $25,350. However, there are several obstacles it needs to overcome to continue its upward movement.
Key Points:
- Bitcoin remains in a bearish zone below the $27,000 resistance level.
- The price tested the $25,350 support level but is now attempting a recovery.
- A break above the $26,200 resistance and the 100 hourly SMA could trigger a decent increase.
- The main resistance is forming near the $27,000 level, followed by $28,000.
- If Bitcoin fails to clear the $26,200 resistance, it could experience another decline.
Bitcoin price faced resistance below $27,000 and dropped below $26,000. It even tested the $25,350 support level. However, there is hope for a recovery as the price made a minor increase above the $25,800 resistance. The breakout above the major bearish trend line and the 23.6% Fib retracement level are positive signs. Yet, Bitcoin still needs to surpass the $26,200 resistance and the 100 hourly SMA to experience a significant upward movement.
The immediate resistance on the upside is near $26,200, followed by the $26,750 level. The main resistance, however, is forming near $27,000. A move above this level could lead to a rally towards $27,500 and $28,000. On the downside, if Bitcoin fails to clear the $26,200 resistance, it may face another decline. The immediate support levels are near $25,650 and $25,350, with a potential drop towards $24,800.
Technical indicators show that the MACD is losing pace in the bearish zone, while the RSI for BTC/USD is above the 50 level.
Hot Take:
Bitcoin’s attempt to recover from its recent dip is facing hurdles, particularly the resistance levels at $26,200 and $27,000. If the price fails to break these levels, it could experience another decline. However, a clear move above $27,000 could lead to a significant upward movement. Crypto readers should closely monitor these resistance and support levels to make informed decisions.
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