Bitcoin price dropped below the $28,000 level. BTC is at risk of a downside break to the $25,000 support in the near term.
- Bitcoin is struggling to recover above the $27,500 and $27,800 resistance levels.
- The price traded below $27,500 and the 100-hour Simple moving average.
- There are two bearish trend lines formed with resistance near $27,000 and $27,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may continue to move lower 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 remains 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 was formed near $26,720 and the price is now showing more bearish signs. It is still trading below $27,500 and the 100 hour Simple moving average. There are also two bearish trend lines formed 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 of the 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 formed near the next trend line and $27,800. It is near the 50% Fib retracement level of the 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-hour Simple moving average could initiate a decent uptrend. The next key resistance is around $28,000, above which the price may rise to the $28,500 resistance.
More BTC Losses?
If Bitcoin price fails to clear the $27,500 resistance, it may continue to decline. 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 may gain bearish momentum. In the stated case, it may repeat the level of $26,000. Any further losses could take Bitcoin to the $25,000 level in the near term.
Technical indicators:
Hourly MACD – The MACD is currently moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Major Support Levels – $26,750, followed by $26,000.
Major Resistance Levels – $27,000, $27,350, and $27,800.
