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Bitcoin Bulls Continues To Struggle, Here’s Why Upsides Could Be Limited

Aayush Jindal by Aayush Jindal
4 weeks ago
in BTC
Reading Time: 2 mins read

Bitcoin price is still consolidating above $25,500. BTC might attempt an upside correction, but upsides might be limited above the $26,200 resistance.

  • Bitcoin is still trading in a range above the $25,500 support zone.
  • The price is trading below $26,000 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance near $25,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could attempt to recover but the bears might remain active near $26,200.

Bitcoin Price Stuck In Range

Bitcoin price made another attempt to clear the $26,000 resistance zone. However, BTC failed to gain strength for a move above the $26,000 and $26,200 levels.

As a result, there was a fresh bearish reaction and the price declined below the $25,650 level. The bulls managed to protect the $25,350 support and the price climbed back above $25,500. It is now trading below $26,000 and the 100 hourly Simple moving average.

Besides, there is a key bearish trend line forming with resistance near $25,950 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $26,000 level and the trend line. It is close to the 23.6% Fib retracement level of the key drop from the $28,150 swing high to the $25,333 low.

The first major resistance is near the $26,200 level. A proper close above the $26,200 level might start an upside correction toward $26,750. It is close to the 50% Fib retracement level of the key drop from the $28,150 swing high to the $25,333 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next major resistance is near $27,000, above which the bulls attempt a steady increase. In the stated case, the price could test the $28,000 level.

Another Drop In BTC?

If Bitcoin fails to clear the $26,000 resistance, it could continue to move down. Immediate support on the downside is near the $25,500 level.

The next major support is near the $25,350 level. A downside break and close below the $25,350 level might increase selling pressure. In the stated case, the price could drop toward $24,500 or even $24,000.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $25,500, followed by $25,350.

Major Resistance Levels – $25,950, $26,000, and $26,200.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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