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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Bitcoin Price
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Bitcoin Price Back To Square One, Why This Could Be A Bearish Signal

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

Bitcoin price trimmed all gains and tested the $25,650 zone. BTC is now at risk of a fresh decline toward the $24,500 level in the near term.

  • Bitcoin started a fresh decline below the $26,500 and $26,200 levels.
  • The price is trading below $26,600 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance near $26,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend its decline toward $24,500 in the coming sessions.

Bitcoin Price Starts Fresh Decline

Bitcoin price failed to climb again above the $27,000 resistance zone. BTC started a fresh decline and gained bearish momentum below the $26,500 level.

There was a clear move below the $26,200 level. The price even spiked below the $26,000 level. A low is formed near $25,663 and the price is now consolidating losses. Bitcoin is now trading below $26,600 and the 100 hourly Simple moving average.

Besides, there is a key bearish trend line forming with resistance near $26,750 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $26,250 level. It is close to the 23.6% Fib retracement level of the recent decline from the $28,150 swing high to the $25,663 low.

The first major resistance is near the $26,650 level or the trend line region. The trend line is also close to the 50% Fib retracement level of the recent decline from the $28,150 swing high to the $25,663 low. The main resistance is now forming near the $27,000 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear move above the $27,000 level might send the price toward $27,400. The next major resistance is near $28,000, above which there could be a sustained increase. In the stated case, the price could test the $29,200 level.

More Losses In BTC?

If Bitcoin fails to clear the $26,750 resistance, it could continue to move down. Immediate support on the downside is near the $25,800 level.

The next major support is near the $25,650 level. A downside break below the $25,650 level might put a lot of pressure on the bulls. In the stated case, the price could drop toward $24,500.

Technical indicators:

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

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

Major Support Levels – $25,800, followed by $25,650.

Major Resistance Levels – $26,250, $26,750, and $27,000.

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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