Bitcoin price pared all gains and tested the $25,650 zone. BTC is now at risk of a fresh decline towards the $24,500 level in the near term.
- Bitcoin started a fresh dip below the $26,500 and $26,200 levels.
- The price is trading below $26,600 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $26,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may extend its slide towards $24,500 in the coming sessions.
Bitcoin Price Begins New Drop
Bitcoin price failed to rise again above the $27,000 resistance zone. BTC started a new decline and gained bearish momentum below the $26,500 level.
There has been a clear move below the $26,200 level. The price even jumped below the $26,000 level. A low formed near $25,663 and the price is now consolidating losses. Bitcoin is now trading below $26,600 and the 100 hourly simple moving average.
Additionally, there is a major bearish trend line forming with resistance near $26,750 on the hourly chart of the BTC/USD pair. Immediate resistance to the upside is near the $26,250 level. This is close to the 23.6% Fib retracement level of its recent slide from a swing high of $28,150 to a low of $25,663.
The first major resistance is near the $26,650 level or trendline region. The trend line is also close to the 50% Fib retracement level of the recent decline from the swing high of $28,150 to the low of $25,663. Key resistance is now forming near the $27,000 level.
Source: BTCUSD at TradingView.com
A clear move above the $27,000 level might send the price towards $27,400. The next major resistance is near $28,000, above which there could be a sustained rise. In the mentioned case, the price may test the $29,200 level.
More Losses on BTC?
If Bitcoin fails to pass the $26,750 resistance, it could continue to move down. Immediate support to the downside is near the $25,800 level.
The next major support is near the $25,650 level. A downside break below the $25,650 level might put a lot of pressure on the buyers. In the mentioned case, the price could drop towards $24,500.
Hourly MACD – MACD is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key Support Level – $25,800, followed by $25,650.
Key Resistance Levels – $26,250, $26,750, and $27,000.
