- Bitcoin struggled to recover above the $27,500 and $27,800 resistance levels.
- The price is trading below $27,500 and the 100 hourly simple moving average.
- On the hourly BTC/USD pair chart, two downward trend lines are forming with resistance near $27,000 and $27,800 (data feed from Kraken).
- If BTC/USDT confirms breaking the $26,750 support area, it could continue to decline.
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Bitcoin price is in a downward trend below $28,000. BTC faces a risk of a drop towards the $25,000 support in the near term.
Bitcoin Price Continues to Decline, Testing 26,000!
Bitcoin price failed to initiate a recovery wave above the $27,800 level. BTC continued to remain in a bear market and settled below the $27,500 support area.
Bears were able to push the price below the $27,000 level. A low was formed around $26,720 and the price is now showing many bearish signs. It is still trading below $27,500 and the 100 hourly simple moving average. On the hourly BTC/USD pair chart, two downward trend lines are forming with resistance near $27,000 and $27,800.
Bitcoin price could face sellers near the $27,000 level or the 23.6% Fib retracement level of the last drop from the $28,335 high to $26,720 low, which is near the $27,000 level.
The next major resistance is near the $27,350 level. The major resistance is now the next trend line and is forming near $27,800. This is near the 50% Fib retracement level of the last drop from the $28,335 high to $26,720 low.
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BTCUSD Hourly Chart
A close above the $27,800 resistance and the 100 hourly simple moving average could start a proper increase. The next major resistance is near $28,000, above which the price could climb towards the $28,500 resistance.
Is More Loss Seen in Bitcoin Daily Price Analysis?
BTC USDT Chart Updated 26,000 Test
If Bitcoin cannot surpass the $27,500 resistance, it could continue its downward trend. The immediate downside support is at the $26,750 level. We see that this support has been tested, but the daily close has not yet come. Especially on the chart where the 100-day MA has become a support at $26,000.
The next major support was at the $26,500 area, below which the price could gain bearish momentum. However, it should be noted that we have not yet seen major closures. In this case, Bitcoin could revisit the $26,000 level. More losses could take Bitcoin towards the $25,000 level in the near term.
Technical Indicators:
Hourly MACD – MACD is now gaining momentum in the bear market.
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Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now below the 50 level.
Main Support Levels – $26,750, followed by $26,000.
Main Resistance Levels – $27,000, $27,350, and $27,800.
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