Bitcoin price is struggling below the $26,150 support. BTC could start a fresh decline if it breaks the key near-term $25,400 support.
- Bitcoin is moving lower below the $26,150 support zone.
- The price is trading below $26,000 and the 100 Simple hourly moving average.
- A major bearish trendline is forming with resistance close to USD 26,000 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could drop again if there is a move below the USD 25,400 support zone.
Bitcoin price continues in downtrend
Bitcoin price struggled to settle above the USD 26,500 resistance zone. BTC dropped below the USD 26,150 support to move into a bearish zone.
The recent high was formed near USD 26,133 and the price is now moving lower. There was a pause below the 50% Fib retracement level of the upward move from the $25,400 swing low to the $26,133 high. The price also traded below the USD 25,750 support.
Bitcoin price is now trading below $26,000 and the 100 simple hourly moving average. A major bearish trendline is also forming with resistance close to USD 26,000 on the hourly chart of the BTC/USD pair.
It appears to be holding the $25,570 support level. It is close to the 76.4% Fib retracement level of the upward move from the $25,400 swing low to the $26,133 high. Immediate resistance is near the $26,000 level and trendline area.
The first major resistance is near the $26,150 level. A clear move above the $26,150 resistance could spark a decent move. The next major resistance is near the $26,500 level. A close above $26,500 could push the price even higher.
Source: BTCUSD at TradingView.com
The next key resistance is near the USD 27,000 level, above which Bitcoin could rise towards the USD 27,500 resistance. More gains above the $27,500 resistance zone could push the price towards the $28,500 resistance zone.
Lose more in BTC?
If the price of Bitcoin fails to clear the $26,000 resistance, it could fall further. another drop. Immediate support on the downside is near the $25,570 level.
The next major support is near the $25,400 level, below which the price could accelerate lower. In the said case, the price could fall towards the $25,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
Major Support Levels – $25,570 followed by $25,500.
Major resistance levels – $26,000, $26,150 and $26,500.
