Bitcoin's price is encountering challenges beneath the critical support level of $26,150, which could potentially initiate another downturn if it breaches the significant support at $25,400 in the foreseeable future.
- Bitcoin's value is currently descending below the support zone of $26,150.
- The price trades beneath $26,000 and the 100-hourly Simple Moving Average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a crucial bearish trend line is forming, with resistance observed around $26,000.
- In case there is a breach of the support zone at $25,400, the pair may experience a renewed decline.
Bitcoin Price Remains In Downtrend
Bitcoin's price faced challenges in establishing a stable position above the resistance zone at $26,500, resulting in a decline below the critical support level of $26,150 and a shift into a bearish zone.
After reaching a recent peak of around $26,133, the price is currently on a downward trajectory. It broke below the 50% Fibonacci retracement level of the upward movement from the swing low of $25,400 to the high of $26,133. Furthermore, it also traded beneath the support level of $25,750.
Presently, Bitcoin's price is trading below both $26,000 and the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, there is a significant bearish trend line taking shape, with resistance noted around $26,000.
The price appears to be holding onto the support level at $25,570, which aligns closely with the 76.4% Fibonacci retracement level of the upward movement from the swing low of $25,400 to the high of $26,133. Immediate resistance can be observed near the $26,000 level and the region of the trend line.
The first notable resistance lies near the $26,150 level. A clear breakthrough above this resistance level might initiate a decent increase in price. The subsequent major resistance level is located around $26,500. If the price manages to close above $26,500, it could potentially propel the price even higher.
Bitcoin's price will encounter the next significant hurdle around the $27,000 level, surpassing which it could potentially ascend towards the resistance at $27,500. Further upward movement beyond the $27,500 resistance zone may propel the price towards the next obstacle at $28,500.
More Losses in BTC?
If Bitcoin's price fails to overcome the resistance at $26,000, it could continue its downward trajectory, signaling another decline. The immediate support on the downside can be found near the $25,570 level.
The subsequent significant support level lies near $25,400, breaching which the price may experience an accelerated descent. In such a scenario, the price could potentially drop towards the support level at $25,000 in the near term.
Technical indicators:
Hourly MACD – The MACD is currently showing increasing bearish momentum.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 levels.
Key Support Levels – $25,570, followed by $25,500.
Key Resistance Levels – $26,000, $26,150, and $26,500.
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