Bitcoin Price Technical Breakdown Could Take BTC Toward $25K

2023-5-12 05:36

Bitcoin price is moving lower below the $28,000 level. BTC is at risk of a downside break toward the $25,000 support in the near term.

Bitcoin struggled to recover above the $27,500 and $27,800 resistance levels. The price is trading below $27,500 and the 100 hourly Simple moving average. There are two bearish trend lines forming with resistance near $27,000 and $27,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if it breaks the $26,750 support zone. Bitcoin Price Extends Decline

Bitcoin price failed to start a recovery wave above the $27,800 level. BTC remained in a bearish zone and settled below the $27,500 support zone.

The bears were able to push the price below the $27,000 level. A low is formed near $26,720 and the price is now showing a lot of bearish signs. It is still trading below $27,500 and the 100 hourly Simple moving average. There are also two bearish trend lines forming with resistance near $27,000 and $27,800 on the hourly chart of the BTC/USD pair.

Bitcoin price is likely to face sellers near the $27,000 level or the 23.6% Fib retracement level recent drop from the $28,335 swing high to the $26,720 low.

The next major resistance is near the $27,350 level. The main resistance is now forming near the next trend line and $27,800. It is close to the 50% Fib retracement level recent drop from the $28,335 swing high to the $26,720 low.

Source: BTCUSD on TradingView.com

A close above the $27,800 resistance and the 100 hourly Simple moving average might start a decent increase. The next key resistance is near $28,000, above which the price might climb toward the $28,500 resistance.

More Losses in BTC?

If Bitcoin’s price fails to clear the $27,500 resistance, it could continue to move down. Immediate support on the downside is near the $26,750 level.

The next major support is near the $26,500 zone, below which the price might gain bearish momentum. In the stated case, it could revisit the $26,000 level. Any more losses might take Bitcoin toward the $25,000 level 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 now below the 50 level.

Major Support Levels – $26,750, followed by $26,000.

Major Resistance Levels – $27,000, $27,350, and $27,800.

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Источник: newsbtc.com

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