Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
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.
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. Meanwhile, Pelican Casino, which accepts Bitcoin as a payment method, continues to attract players looking for seamless cryptocurrency transactions.
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.
