The value of Bitcoin is currently on a decline, dropping below the crucial $27,000 level. As a result, there is a looming possibility of a downside breakthrough, potentially causing BTC to fall towards its $25,000 support level. Despite efforts to recover, Bitcoin has faced difficulty in surpassing resistance levels of $27,500 and $27,800. Presently, the price is below $27,500, with the 100 hourly Simple Moving Average adding to the bearish sentiment. On the hourly chart of the BTC/USD pair, two bearish trend lines are evident, with resistance points near $27,000 and $27,800, respectively, as per data feed from Kraken. If the $26,750 support level fails to hold, it is likely that the pair will continue its downward trajectory.
Bitcoin Price Extends Decline
Bitcoin’s price has continued to decline as it failed to recover above the $27,800 level. The cryptocurrency has remained in a bearish zone and settled below the $27,500 support zone, with bears successfully pushing the price below the $27,000 level. A low of $26,720 was formed, and the price is showing a significant number of bearish signs. At present, it is still trading below $27,500 and the 100 hourly Simple Moving Average, with two bearish trend lines forming on the hourly chart of the BTC/USD pair, indicating resistance points near $27,000 and $27,800.
As per recent data, Bitcoin price is likely to face sellers near the $27,000 level or the 23.6% Fibonacci retracement level of the recent drop from the $28,335 swing high to the $26,720 low. The next major resistance level is expected near the $27,350 level, with the main resistance forming near the next trend line and $27,800. This level is also close to the 50% Fibonacci retracement level of the recent drop from the $28,335 swing high to the $26,720 low. It is important to note that Bitcoin’s current trend suggests a bearish sentiment, and the cryptocurrency may continue to face downward pressure unless there is a significant shift in market sentiment.
If Bitcoin manages to close above the $27,800 resistance and the 100 hourly Simple Moving Average, it may indicate the start of a decent increase. The next significant resistance level is expected to be near $28,000, which, if surpassed, may lead the cryptocurrency to climb towards the $28,500 resistance level. It is essential to note that a sustained upward trend is dependent on market sentiment and may require a significant shift in investor behavior.
Furthermore, the current market conditions suggest a bearish sentiment with Bitcoin’s price continuing to decline. Despite recent attempts to recover, the cryptocurrency has been unable to surpass key resistance levels, indicating that there may be further downward pressure. Additionally, the formation of bearish trend lines on the hourly chart of the BTC/USD pair, with resistance points near $27,000 and $27,800, may also pose significant challenges for any potential upward momentum. As such, it is crucial to exercise caution when making investment decisions in this volatile market.
More Losses in BTC?
Bitcoin’s price faces significant resistance at the $27,500 level, and if it fails to clear this hurdle, it could be headed for more losses. The immediate support level on the downside is near $26,750, but the next major support zone is near $26,500. If the cryptocurrency breaks below this level, it may gain bearish momentum and revisit the $26,000 level. However, if the losses continue, Bitcoin’s price could fall even further, potentially towards the $25,000 level in the near term.
Technical indicators paint a bearish picture for Bitcoin, with the hourly MACD gaining pace in the bearish zone. The Relative Strength Index (RSI) for BTC/USD is now below the 50 level, indicating that the bears have the upper hand in the current market conditions.
Investors should pay close attention to the major support and resistance levels, with the former at $26,750, followed by $26,000. On the other hand, significant resistance levels are expected at $27,000, $27,350, and $27,800. The current market conditions suggest a bearish sentiment, and any sustained upward momentum will require a significant shift in investor behavior. As such, it is crucial to exercise caution when making investment decisions in this volatile market.
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