Bitcoin price is once again on a downward trajectory as it failed to surpass the $27,500 resistance level. This failure has resulted in a fresh decline with BTC currently trading below $26,500 and the 100 hourly Simple Moving Average. The next support level at $26,000 is at risk of being breached, signifying potential further losses in the near future.
On the hourly chart of the BTC/USD pair, a major bearish trend line is forming near $26,500. This trend line acts as a significant resistance level and poses a challenge for Bitcoin to regain its bullish momentum. The price has also consolidated losses just above the 23.6% Fibonacci retracement level of the recent decline. Although currently trading below $26,500, the cryptocurrency remains above the $26,000 support level for now.
If Bitcoin manages to break above the aforementioned bearish trend line and the 61.8% Fibonacci retracement level of the recent decline, it may gain bullish momentum. In this case, the price could potentially rise towards the $27,000 resistance level, and even possibly reach the $27,500 level. However, if Bitcoin fails to surpass the $26,500 resistance, it is likely to continue moving downwards.
Immediate support on the downside can be found near the $26,050 level, followed by the major support level of $26,000. A downside break and close below $26,000 might trigger further losses and push the price towards the next support level at $25,400 in the coming sessions. Should the downward trend persist, Bitcoin could potentially test the $25,000 level.
The hourly MACD (Moving Average Convergence Divergence) indicates a loss of momentum in the bearish zone, further suggesting a potential continuation of the downward trend. The hourly RSI (Relative Strength Index) for BTC/USD is currently below the 50 level, indicating bearish sentiment.
Bitcoin’s price has encountered another decline as it struggled to break above the $27,500 resistance level. With BTC now trading below $26,500 and the 100 hourly Simple Moving Average, it remains at risk of further losses below the $26,000 support level. Immediate support can be found near $26,050, while the next major support is located at $26,000. Technical indicators show a bearish momentum, which may continue if Bitcoin fails to overcome the $26,500 resistance. Traders should closely monitor these levels for potential trading opportunities.