The price of Bitcoin is holding on to its recent losses, staying below $26,500. Bitcoin is showing signs that it might go down even more, possibly reaching $25,000.
Bitcoin is having difficulty reclaiming the $26,600 resistance area. It’s currently trading beneath $26,500 and the 100-hourly Simple Moving Average. On the hourly BTC/USD chart (data from Kraken), there’s a small upward trend line forming, with support around $26,050. There’s potential for the pair to decline further and trade below the $26,000 support level.
Bitcoin Price Goes Down:
After reaching the support at $24,800, the price of Bitcoin began to rise. It went back up past $25,000 and $25,500.
The price managed to surpass the first hurdle, which was the 23.6% retracement level from the recent drop between the highest point of $29,180 and the lowest point of $24,800. However, there are challenges ahead around $26,600. Currently, it’s still trading below $26,500 and the 100-hourly Simple Moving Average.
Also, there’s a positive trend line forming in the short term, showing support at around $26,050 on the hourly chart for the BTC/USD pair. If Bitcoin can stay above this trend line, it might try to go up in value.
The first challenge ahead is close to $26,400. After that, the bigger challenge is at around $26,500 and the 100-hourly Simple Moving Average. If the price can move clearly above this moving average, it could initiate a rise towards the $27,000 resistance level.
Source: BTCUSD on TradingView.com
The price level of $27,000, which is halfway between the highest point at $29,180 and the lowest point at $24,800, might work as a barrier. If the price can close above this $27,000 point, it could begin to rise and aim for the next resistance at $27,500. If it continues to gain, it might even pave the way for a bigger increase towards $28,150.
BTC Could Experience Another Drop?
If Bitcoin can’t get past the $26,500 hurdle, it might keep going down. The first support if it goes down is around $26,000 and the trend line.
The next important support comes in at about $25,600. If the price goes below this $25,600 level, it could enter a more bearish situation. If that happens, the price could head towards $25,000.
Technical Analysis:
- Hourly MACD – The MACD is showing increasing bearish momentum.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD has dropped below the 50 mark.
- Key Support Levels – $26,000, then $25,600.
- Key Resistance Levels – $26,500, $27,000, and $27,500.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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