- Bitcoin is slowly trying to recover above the $25,200 support level.
- The price is trading below $25,750 and below the hourly 100 Simple Moving Average.
- On the hourly chart of BTC/USD, there is a significant downward trend line forming with resistance around $25,680.
The price of Bitcoin is attempting a recovery movement above the $25,200 resistance. BTC must surpass the hourly 100 SMA to continue to higher levels in the short term.
Bitcoin Price Above $25,500
The price of Bitcoin remained in a downward trend below the $26,200 resistance zone. BTC continued to fall below the $25,500 support and even sharply dropped below $25,000.
A low was formed around $24,751 and the price is currently attempting a recovery movement. The price has clearly risen above the $25,000 and $25,200 resistance levels. The price has also surpassed the 50% Fib retracement level of the drop from the $26,062 high to the $24,751 low.
The price of Bitcoin is currently trading below $25,750 and below the hourly 100 Simple Moving Average. Additionally, on the hourly chart of BTC/USD, there is a significant downward trend line forming with resistance near $25,680. The pair is currently facing resistance near the trend line and the hourly 100 Simple Moving Average. It is also near the 61.8% Fib retracement level of the drop from the $26,062 high to the $24,751 low. The next significant resistance level is near $25,750.
BTC/USD 1 Hour Price Chart
A clear break above the $25,750 resistance could initiate a new increase. The next significant resistance level is near $26,200, and bulls could push BTC towards the $26,500 resistance zone.
Can BTC Continue to Decline?
If the price of Bitcoin fails to surpass the $25,750 resistance, it could start a new decline. The immediate support level on the downside is near $25,200.
The next significant support level is near $24,820. If the price falls below this level, it could start a new significant decline. In this case, the price could drop towards the $24,000 support in the short term.
Technical indicators:
- Hourly MACD – MACD is losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – RSI for BTC/USD is above the 50 level.
- Important Support Levels – $25,200, followed by $24,820.
- Important Resistance Levels – $25,680, $25,750, and $26,200.
