Bitcoin Price Breakdown Looks Like Real Deal – Bears Target Fresh Lows
Key Takeaways:
Bitcoin price started a fresh decline below the $27,200 support zone.
BTC/USD traded below a main contracting triangle with support near $27,050 on the 4-hour chart.
The price might extend its decline toward the $25,800 support region.
NEW DELHI (CoinChapter.com) — Bitcoin is struggling to climb above $27,500. BTC/USD might start a major decline if there is a clear drop below $26,600.
Bitcoin Price Faces Key Hurdles
This past week, Bitcoin price attempted a fresh increase above the $27,000 level. The BTC/USD pair corrected above the $27,200 level, but the bears were active near the $27,500 level.
The price failed to gain pace for a move above the $27,500 level. There are multiple failures visible near the $27,500 zone. The price is now moving lower below the $27,000 support zone. Besides, the price traded below a main contracting triangle with support near $27,050 on the 4-hour chart.
The bears pushed the price toward the 61.8% Fib retracement level of the key increase from the $25,886 swing low to the $28,475 high.
Bitcoin trades below the $27,000 level and the 50 simple moving average (4 hours, blue). On the downside, the first major support is near the $26,600 level. The next key support sits near the $26,500 level or the 76.4% Fib retracement level of the key increase from the $25,886 swing low to the $28,475 high.
A close below the $26,500 support could initiate a major decline. In the stated case, there is a risk of a drop toward the $25,800 support. Any more losses might lead the price toward the $25,000 support soon.
Another Increase?
Conversely, Bitcoin could start a new increase from $26,500. Immediate resistance is near the $27,120 level. The first major resistance is now forming near the $27,400 level and the 50 simple moving average (4 hours, blue).
A close above the $27,400 level might send the price toward the next resistance at $28,000. If the bulls clear the $28,000 hurdle, there could be a steady increase toward the $28,500 resistance. Any more gain may perhaps send Bitcoin toward the $29,200 resistance.
Overall, Bitcoin price is moving lower below the $27,000 support. If the bears remain active, there could be a strong flush below $26,500. But, conversely, the price might start a decent increase toward the $27,400 resistance or even $28,000.
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Filed under: Bitcoin - @ June 5, 2023 8:06 am