- Bitcoin has experienced a decline of more than 1.77% today and touched the support level at $26,400.
- If the BTC price closes below the $26,400 support on a daily basis, it may continue the downtrend and drop to $25,800.
- For a bullish trend, Bitcoin needs to surpass the $27,400 resistance and achieve 4-hour closures above it. Otherwise, the bearish movement could persist.
The price of Bitcoin has experienced a decline today, dropping to $26,400. If the price closes below the $26,400 support, the decline may continue. To initiate an upward movement, it is essential for the price to surpass the $27,400 resistance.
MEDIUM-TERM BTC ANALYSIS
Today, Bitcoin experienced a drop of more than 1.77% and touched the support at $26,400. Currently, the BTC price is hovering around $26,648, and if it closes below the support, it could continue the downward trend.
If the BTC price makes daily closes below the $26,400 support, the bearish trend may extend to $25,800. After $26,400, the next significant support for Bitcoin is located at $25,800. If the BTC price remains above $26,400, it could continue the upward movement towards $28,000.
For Bitcoin to rise to the resistance range of $28,300 – $28,600, it needs to first surpass the $27,400 resistance and close above it daily. If the BTC price fails to break the $27,400 resistance, it may prefer to continue the downward trend.
SHORT-TERM BTC ANALYSIS
According to the 4-hour technical chart, Bitcoin encountered strong selling pressure and dropped to the $26,300 support level when it met the $27,450 resistance level.
If BTC price manages to close daily above the yellow support area mentioned in the analysis, which is $26,300, it can initiate the upward movement again, aiming for $27,450 and then possibly reaching $28,600.
To initiate the bullish trend, Bitcoin needs to surpass the $27,450 resistance and achieve 4-hour closes above this level. If BTC price fails to close above $27,450, it could sustain the downward movement towards $25,600.
