- Bitcoin price has started a new decline from the $27,500 resistance. BTC entered a bearish trend by trading below the $27,000 level.
- The price was strong near the $26,550 level. Bears attempted to pull the price below the $26,550 level twice but failed.
- The next significant support is near the $26,500 level. A drop and close below the $26,500 support could push the price even lower.
Bitcoin’s price is gaining momentum on the last day of the week and aiming for $27,000. Here are the next critical resistance levels and possible BTC price scenarios!
Bitcoin Price Approaching $27,000
Bitcoin price has started a new decline from the $27,500 resistance. BTC entered a bearish trend by trading below the $27,000 level. Eventually, bulls appeared above the $26,500 support level.
The price was strong near the $26,550 level. Bears attempted to pull the price below the $26,550 level twice but failed. The price is currently consolidating losses below the 23.6% Fib retracement level of the drop from $28,285 to $26,551.
Bitcoin is currently trading below $27,200 and the 100-hour Simple Moving Average. On the hourly chart, there’s a crucial bearish trend line forming with resistance near $26,200 for the BTC/USD pair.
Immediate resistance is near $26,950. The first major resistance is at $27,200 and the 100-hour Simple Moving Average. The next significant resistance is near $27,400 and the trendline. This level is close to the 50% Fib retracement level of the drop from $28,285 to $26,551.
A close above the $27,500 resistance could initiate a steady increase towards $28,000. The primary barrier is still at $28,500, and a price rally can begin above this level. In this case, the price could rise towards the $30,000 resistance.
Is More Damage Possible for BTC?
If Bitcoin cannot secure a higher recovery above the $27,200 resistance, there might be further losses. The immediate downside support is near the $26,550 level.
The next significant support is near the $26,500 level. A drop and close below the $26,500 support could push the price even lower. The next support level is $26,000.
Technical Indicators:
- Hourly MACD – The MACD is currently losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
- Major Support Levels – $26,550, followed by $26,500.
- Major Resistance Levels – $27,200, $27,400, and $27,500.
