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Bitcoin’s price has struggled to initiate a recovery move above the $27,500 resistance level. BTC remained in a bearish zone and dropped further below $27,000.
On the hourly chart, there are two bearish trendlines for the BTC/USD pair, creating resistance levels around $26,950 and $27,400.
The next major support level is near $26,500. A drop and close below the $26,500 support level could lead to further downside movement.
Bitcoin Price Aims to Rise Above $27,000 Before the Release of US Inflation Reports: Current BTC Analysis!
Bitcoin Price Current Analysis – October 12
Bitcoin’s price has struggled to initiate a recovery move above the $27,500 resistance level. BTC remained in a bearish zone and dropped further below $27,000. There was a decline below the $26,800 level, and the price tested the $26,500 support level.
A low was formed near $26,551, and the price is attempting another recovery move. There was a minor increase above the $26,800 level. However, the price is still facing several hurdles.
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Bitcoin is currently trading below $27,000 and the hourly 100 Simple Moving Average (SMA). On the hourly chart, there are two bearish trendlines for the BTC/USD pair, creating resistance levels around $26,950 and $27,400.
The first resistance is near the $26,950 level and the first trendline. This level is close to the 23.6% Fib retracement level of the drop from the high of $28,284 to the low of $26,551. The next significant resistance may be found near the $27,400 level and the second trendline.
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The second trendline is close to the 50% Fib retracement level of the drop from the high of $28,284 to the low of $26,551. The first major resistance is at $27,500, and if Bitcoin closes above this level, it could test $27,800.
BTC/USD – 1 Hour Chart
The primary barrier is still at $28,500. A close above the $28,500 resistance could initiate another increase. In this case, the price could rise towards the $30,000 resistance.
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Is More Loss Possible for BTC?
If Bitcoin fails to recover above the $27,000 resistance, more losses could occur. The initial downside support is around $26,650.
The next major support is near $26,500. A drop and close below the $26,500 support level could lead to further downside. The next support level is at $26,000.
Technical Indicators:
Hourly MACD – The MACD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Major Support Levels – $26,650, $26,500.
Major Resistance Levels – $27,000, $27,400, and $27,500.
