2023-6-12 06:03 |
Bitcoin price is struggling below the $26,150 support. BTC could start another decline if it breaks the key $25,400 support in the near term.
Bitcoin is moving lower below the $26,150 support zone. The price is trading below $26,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline again if there is a move below the $25,400 support zone. Bitcoin Price Remains In DowntrendBitcoin price struggled to settle above the $26,500 resistance zone. BTC declined below the $26,150 support to move into a bearish zone.
The recent high was formed near $26,133 and the price is now moving lower. There was a break below the 50% Fib retracement level of the upward move from the $25,400 swing low to the $26,133 high. The price also traded below the $25,750 support.
Bitcoin price is now trading below $26,000 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $26,000 on the hourly chart of the BTC/USD pair.
It seems to be holding the $25,570 support level. It is close to the 76.4% Fib retracement level of the upward move from the $25,400 swing low to the $26,133 high. Immediate resistance is near the $26,000 level and the trend line region.
The first major resistance is near the $26,150 level. A clear move above the $26,150 resistance might start a decent increase. The next major resistance is near the $26,500 level. A close above $26,500 might send the price further higher.
Source: BTCUSD on TradingView.com
The next key resistance is near the $27,000 level, above which Bitcoin might rise toward the $27,500 resistance. Any more gains above the $27,500 resistance zone might send the price toward the $28,500 resistance zone.
More Losses in BTC?If Bitcoin’s price fails to clear the $26,000 resistance, it could continue to move down. another decline. Immediate support on the downside is near the $25,570 level.
The next major support is near the $25,400 level, below which the price might accelerate lower. In the stated case, the price could drop toward the $25,000 support 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 below the 50 level.
Major Support Levels – $25,570, followed by $25,500.
Major Resistance Levels – $26,000, $26,150, and $26,500.
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