Bitcoin Price Grinds Lower And Seems Like Bears Are Not Done Yet
Bitcoin price is again moving lower below the $26,500 support. BTC remains at risk of more losses below the $26,000 support in the near term.
Bitcoin started a fresh decline after it failed to clear the $27,500 resistance.
The price is trading below $26,500 and the 100 hourly Simple moving average.
There is a major bearish trend line forming with resistance near $26,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is now at risk of more downsides below the $26,000 level.
Bitcoin Price Drops Again
Bitcoin price failed to clear the $27,500 resistance and started a fresh decline. BTC traded below the $27,000 and $26,500 support levels to enter a bearish zone.
There was also a move below the $26,200 support level. The price tested the $26,000 zone. A low was formed near $26,026 and the price is now consolidating losses. It is trading just above the 23.6% Fib retracement level of the recent decline from the $26,711 swing high to the $26,026 low.
Bitcoin is now trading below $26,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $26,350 level. The first major resistance is near the $26,500 zone, a connecting bearish trend line, and the 61.8% Fib retracement level of the recent decline from the $26,711 swing high to the $26,026 low.
Source: BTCUSD on TradingView.com
The next key resistance could be near the $26,700 level, above which the price could gain bullish momentum. In the stated case, the price could even rise toward the $27,000 resistance. Any more gains might call for a move toward the $27,500 level.
More Losses In BTC?
If Bitcoin fails to start a fresh increase above the $26,500 resistance, it could continue to move down. Immediate support on the downside is near the $26,050 level.
The next major support is near the $26,000 level. A downside break and close below the $26,000 level might send the price further lower toward the next support at $25,400 in the coming sessions. Any more losses might call for a test of $25,000.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $26,000, followed by $25,400.
Major Resistance Levels – $26,350, $26,500, and $26,700.
Filed under: Bitcoin - @ September 25, 2023 3:19 am