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Bitcoin Price is Trying to Recover: Will the Rise Continue?

  • 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

Bitcoin (BTC) (34)

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

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.
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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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