Bitcoin price drops from $27,500 resistance. BTC is trading below $26,500 and now remains at risk of a downside towards the $25,500 support zone.
- Bitcoin is moving lower from the $27,400 and $27,500 resistance levels.
- The price is trading below $26,500 and the 100 hourly simple moving average.
- A key bearish trendline is forming with resistance near $26,650 on the hourly chart of the BTC/USD pair (data source from Kraken).
- The pair could recover, but gains may be limited above the $26,500 resistance.
Bitcoin price extends decline
The price of bitcoin has started another decline from the $27,500 resistance zone. BTC failed to hold in the positive zone above the $26,850 support zone and extended its decline.
The bears were able to push the price below the key support zone of $26,550. The price even jumped below the $26,000 mark. A low is forming near $25,865 and the price is now consolidating losses. Bitcoin price is trading below $26,500 and 100 hours Simple moving average.
A key bearish trend line is also forming on the hourly chart of the BTC/USD pair with resistance near $26,650. Immediate resistance to the upside is near the $26,250 level or the 23.6% Fib retracement level of the recent decline from the $27,511 high to $25,865 low.
Another major resistance is near the $26,400 level. Major resistance is now near $26,550 and the trend line. It is near the 50% Fib retracement level of the recent decline from the $27,511 swing high to the $25,865 low. A close above the $26,550 resistance zone could send the price towards the $27,200 resistance zone.
Source: BTCUSD on TradingView.com
Another key resistance is near $27,500, above which the price could gain bullish momentum towards the $28,000 resistance. Any further gains could send the price towards the $28,500 level.
More losses in BTC?
If the Bitcoin price fails to clear the $26,550 resistance, it may continue to move lower. Immediate downside support is near the $25,850 level.
Another major support is located near the $25,500 zone, below which the price may dive towards the $25,000 support. Any further losses could push Bitcoin towards the $24,000 level in the near term.
Technical indicators:
Hourly MACD – MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now below the 40 level.
Major support levels – $25,850, followed by $25,500.
Major resistance levels – $26,250, $26,550 and $26,650.
