Bitcoin price falls below the USD 27,200 support. BTC could fall further if the war between Israel and Hamas escalates in the near term.
- Bitcoin is heading lower and showing bearish signs below $27,500.
- The price is trading below $27,500 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance around $27,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate below the $27,000 support in the short term.
Bitcoin price starts to fall
Bitcoin price failed to move above the USD 27,800 resistance. BTC responded to the downward trend amid rising tensions between Israel and Hamas. More than 1,200 deaths had already been reported by Israel.
The price is moving lower below the USD 27,500 pivot level. There was also a downside break below the 76.4% Fib retracement level on the upward move from the $27,185 swing low to the $28,284 high. More importantly, the price traded below the key support zone at USD 27,200.
Bitcoin is now trading below $27,500 and the 100 hourly Simple Moving Average. There is also a major bearish trendline forming with resistance around $27,550 on the hourly chart of the BTC/USD pair.
If an upward correction occurs, the price may encounter resistance near the USD 27,400 level. The next major resistance could be near the $27,500 level and trendline. The first major resistance is at $27,800, above which Bitcoin could test $28,250.
Source: BTCUSD on TradingView.com
Key downside resistance could be at $28,500. A close above the USD 28,500 resistance could trigger a fresh rise. In the mentioned case, the price could rise towards the USD 30,000 resistance.
Lose more in BTC?
If Bitcoin fails to recover higher than the USD 27,500 resistance, more losses could occur. Immediate support on the downside is near the $27,000 level or the 1,236 Fib extension level of the upward move from the $27,185 swing low to the $28,284 high.
The next major support is near the $26,500 level. A downside break and a close below the USD 26,500 support could push the price further down. The next support is $26,000.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 27,000, followed by USD 26,500.
Major resistance levels – $27,400, $27,500 and $28,500.
