Bitcoin Price Struggles To Recover and Remains Vulnerable To Fresh Decline

Bitcoin worth is struggling to get well above the $26,650 resistance. BTC may begin one other decline if it stays beneath the $26,650 resistance zone.

Bitcoin is consolidating beneath the $26,600 and $26,650 resistance ranges.
The worth is buying and selling beneath $26,650 and the 100 hourly Easy shifting common.
There’s a main bearish development line forming with resistance close to $26,640 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair may get well if there’s a clear transfer above the $26,650 resistance.

Bitcoin Value Faces Hurdle

Bitcoin worth remained in a bearish zone beneath the $27,500 resistance zone. BTC prolonged its decline and traded beneath the $26,000 stage. A low was fashioned close to $25,865 earlier than the value began an upside correction.

There was a transfer above the $26,200 stage. The worth is buying and selling above the 23.6% Fib retracement stage of the downward transfer from the $27,512 swing excessive to the $25,865 low. Nevertheless, the value is dealing with many hurdles close to $26,650.

Bitcoin worth is now consolidating beneath the $26,600 and $26,650 resistance ranges. There’s additionally a significant bearish development line forming with resistance close to $26,640 on the hourly chart of the BTC/USD pair.

Rapid resistance on the upside is close to the $26,550 stage. The subsequent main resistance is close to the $26,650 stage or the 50% Fib retracement stage of the downward transfer from the $27,512 swing excessive to the $25,865 low. An in depth above the $26,650 resistance zone may ship the value towards the $27,200 resistance zone.

Supply: BTCUSD on TradingView.com

The subsequent key resistance is close to $27,550, above which the value may rise towards the $28,000 resistance. Any extra beneficial properties may ship the value towards the $28,200 resistance stage.

Recent Decline in BTC?

If Bitcoin’s worth fails to clear the $26,650 resistance, it may begin one other decline. Rapid help on the draw back is close to the $26,200 stage.

The subsequent main help is close to the $26,000 zone, beneath which the value may revisit the final swing low at $25,865. Any extra losses may take Bitcoin towards the $25,000 stage within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 40 stage.

Main Assist Ranges – $26,200, adopted by $26,000.

Main Resistance Ranges – $26,550, $26,650, and $27,200.