Key Points:
- Bitcoin price remains below $27,000, threatening further declines.
- Technical indicators suggest a challenging path for Bitcoin recovery.
- Critical support levels at $26,500 and potential scenarios for Bitcoin’s next moves.
Bitcoin’s price continues its descent, trading below the $27,000 mark and hovering perilously close to the support levels at $26,500 and $26,200.
- The downward trajectory of Bitcoin persists, marked by bearish indicators beneath the $27,000 threshold.
- The price remains below $27,000, even dipping below the 100-hour Simple Moving Average.
- On the hourly BTC/USD chart sourced from Kraken, two bearish trend lines are forming, with resistance appearing at around $26,950 and $27,400.
- In the near term, the pair may extend its decline towards the $26,000 support level.
- Bitcoin’s Price Continues to Decline
- Efforts to initiate a recovery above the $27,500 resistance proved futile for Bitcoin’s price. BTC has maintained its bearish stance and moved further south of the $27,000 mark.
The price dipped below $26,800, testing the $26,500 support level. It formed a low around $26,551 before making another attempt at recovery. Although there was a minor uptick above $26,800, the price is still grappling with numerous obstacles.
Bitcoin is currently trading below $27,000, with the 100-hour Simple Moving Average providing additional resistance. Additionally, two bearish trend lines are forming on the hourly chart, with resistance zones at approximately $26,950 and $27,400.
Immediate resistance is situated near the $26,950 level and the first trend line. This level closely corresponds to the 23.6% Fibonacci retracement level from the drop spanning the $28,284 high to the $26,551 low. The next significant resistance may be found near the $27,400 level and the second trend line.
The second trend line aligns with the 50% Fibonacci retracement level of the aforementioned downward movement from the $28,284 high to the $26,551 low. The primary obstacle remains at $28,500. A decisive breakthrough beyond the $28,500 resistance could mark the start of a fresh upward trajectory. In this scenario, the price may aim for the $30,000 resistance.
Potential Further Losses in BTC
Failure to achieve a recovery beyond the $27,000 resistance may lead to additional losses for Bitcoin. Initial support on the downside is close to the $26,650 level.
The next substantial support is situated around the $26,500 level. A break below and close beneath the $26,500 support could drive the price further south, with the next support zone at $26,000.
Technical Indicators:
Hourly MACD – The MACD is currently losing momentum in the bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now positioned below the 50 level.
Key Support Levels – $26,650, followed by $26,500.
Key Resistance Levels – $27,000, $27,400, and $27,500.
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Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.
