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Bitcoin Price BTC

Bitcoin Price Turns Vulnerable As Indicators Point To More Weakness

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

Bitcoin price is struggling below the $26,500 resistance. BTC could accelerate lower if there is a close below the $26,000 support in the near term.

  • Bitcoin is struggling and trading well below the $27,500 resistance.
  • The price is trading below $26,500 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance near $26,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could resume its decline unless there is a close above the $26,500 level.

Bitcoin Price Faces Hurdles

Bitcoin price started a fresh decline below the $26,800 level. BTC traded below the $26,500 and $26,200 support levels to move into a negative zone.

Finally, the pair tested $26,000 and a low was formed near $26,026. Recently, the price started a minor recovery wave above the $26,200 level. The price climbed above the 23.6% Fib retracement level of the recent drop from the $26,712 swing high to the $26,026 low.

However, the bears are protecting a break above the $26,500 resistance. The price is struggling to clear the 50% Fib retracement level of the recent drop from the $26,712 swing high to the $26,026 low.

Bitcoin is now trading below $26,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $26,400 level. There is also a key bearish trend line forming with resistance near $26,420 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next key resistance could be near the $26,500 level, above which the price could gain bullish momentum. In the stated case, the price could climb toward the $27,000 resistance. Any more gains might call for a move toward the $27,500 level.

More Losses In BTC?

If Bitcoin fails to start a fresh increase above the $26,500 resistance, it could continue to move down. Immediate support on the downside is near the $26,150 level.

The next major support is near the $26,000 level. A downside break and close below the $26,000 level might start another major decline maybe toward the next support at $25,400. Any more losses might call for a test of $25,000.

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 – $26,150, followed by $26,000.

Major Resistance Levels – $26,400, $26,500, 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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