Bitcoin price tested the $25,350 zone and is currently recovering. BTC must clear the $26,200 resistance to start a decent increase in the near term.
Bitcoin is attempting a recovery wave from the $25,350 zone.
The price is trading below $26,200 and the 100 hourly Simple moving average.
There was a break above a major bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a decent increase if it clears $26,200 and the 100 hourly SMA.
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Bitcoin recovery may fade without 100 SMA breakthrough. Bitcoin Price Faces Hurdles
The price of Bitcoin has been in a bearish trend, trading below the resistance zone of $27,000. It has continued to decline and even went below the $26,000 level, with a brief dip to $25,350. However, the price is now attempting a recovery wave with a minor increase above the $25,800 resistance level. Additionally, there was a break above a significant bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair. Bitcoin recovery may fade without 100 SMA breakthrough.
Despite this, Bitcoin is still trading below $26,200 and the 100 hourly Simple Moving Average. The immediate resistance on the upside is near the $26,200 level and the 100 hourly SMA, with the first major resistance located at the $26,750 level or the 50% Fib retracement level of the downward move from the $28,150 swing high to the $25,333 low.
The price level of $27,000 is currently presenting the main resistance. A significant upward move towards $27,500 could be expected if the price clears the $27,000 level. Further up, the next significant resistance lies near $28,000, and a successful breach of this level could lead to a decent upward move. If this scenario plays out, the $28,800 level could be tested.
Another Decline In BTC?
Bitcoin may face a potential decline if it fails to surpass the $26,200 resistance level. If the price falls, it could find immediate support near the $25,650 level, followed by a major support level near $25,350. However, if the price drops below $25,350, it could continue to decline towards $24,800.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $25,650, followed by $25,350.
Major Resistance Levels – $26,200, $26,750, and $27,000.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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