Bitcoin Struggles to Clear Resistance Zone
Bitcoin is currently facing hurdles as it tries to break through the $26,500 resistance zone. Despite trading above $26,000 and the 100 hourly Simple Moving Average, the cryptocurrency is still struggling to make significant progress.
Main Breakdowns:
- Bitcoin is trading above $26,000 and the 100 hourly Simple Moving Average.
- A short-term bearish trend line with resistance near $26,000 was broken.
- The price could attempt a fresh increase if it clears $26,200 and $26,500.
- A clear move above $26,200 might send the price towards the key resistance at $26,500.
- If Bitcoin fails to clear the $26,200 resistance, it could start another decline.
To start a decent increase, the price must settle above $26,500. This could potentially lead to testing the $27,000 level and even pave the way for a larger increase towards $28,200. On the other hand, if Bitcoin fails to clear the $26,200 resistance, it may experience a fresh decline and find support near the $25,900 level, with the possibility of dropping further towards $25,400.
Technical indicators show that the MACD is losing pace in the bullish zone and the RSI for BTC/USD is currently above the 50 level.
Hot Take: Despite facing hurdles, Bitcoin still has the potential to make a fresh increase if it can clear the resistance levels. However, a failure to do so may result in a decline in price. Crypto investors should closely monitor these key levels to make informed decisions.
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