Key Points:
- Bitcoin’s price battle near $26,200 resistance.
- Support levels at $25,650 and $25,350.
- Potential upward move above $27,000 resistance.
Bitcoin’s price recently tested the $25,350 zone and is presently in a phase of recuperation. For a promising near-term upswing, BTC must surmount the $26,200 resistance.
Bitcoin is currently making an effort to rebound from the $25,350 zone.
The price is currently trading below $26,200 and the 100-hourly Simple Moving Average (SMA).
On the hourly chart of the BTC/USD pair (data feed from Kraken), a significant bearish trend line resistance near $26,000 was breached.
The pair has the potential to initiate a substantial uptrend if it manages to clear both the $26,200 level and the 100-hourly SMA.
Bitcoin Price Encounters Obstacles
Bitcoin’s price has remained entrenched in bearish territory beneath the $27,000 resistance zone. BTC extended its descent and dipped below the $26,000 mark. There was even a brief plunge below $25,500, ultimately testing the $25,350 level.
A low point was established at approximately $25,333, and the price is now endeavoring to stage a recovery. It made a slight advance beyond the $25,800 resistance level. Additionally, the price exceeded the 23.6% Fibonacci retracement level of the downward trajectory from the $28,150 peak to the $25,333 trough.
Furthermore, a significant bearish trend line with resistance at around $26,000 was broken on the BTC/USD pair’s hourly chart. Nevertheless, Bitcoin is still below the $26,200 threshold and the 100-hourly Simple Moving Average.
Immediate resistance to the upside can be found near the $26,200 level and the 100-hourly SMA. The initial major resistance level is situated around $26,750, or the 50% Fibonacci retracement level of the downward trajectory from the $28,150 peak to the $25,333 trough.
The primary resistance is currently forming around the $27,000 mark. A clear breakthrough above $27,000 could propel the price towards $27,500. The subsequent substantial resistance is positioned near $28,000, and if breached, there may be a notable upward advance. In such a scenario, the price could test the $28,800 level.
Another Potential Downturn for BTC?
If Bitcoin falters in conquering the $26,200 resistance, it could trigger another downturn. Immediate support on the downside is near the $25,650 level.
The subsequent significant support level lies around the $25,350 mark. A breach below the $25,350 level to the downside might precipitate further price depreciation. In such a scenario, the price could descend towards $24,800.
Technical Indicators:
Hourly MACD – The MACD is presently losing momentum within the bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $25,650, followed by $25,350.
Key Resistance Levels – $26,200, $26,750, and $27,000.
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