Bitcoin’s value has suffered a significant decline, falling below the $27,000 threshold and trading below $26,500 and the 100-hour Simple Moving Average. On the hourly chart of the BTC/USD pair sourced from Kraken, a bearish trend line is forming, suggesting resistance around $26,100. Even though the pair may experience a corrective rebound, upside potential is likely to be limited above $26,200 and $26,400.
Bitcoin price was unable to overcome the $27,000 resistance level, resulting in a fresh decline. Breaking below the $26,500 support and the 100-hour Simple Moving Average, the price has fallen by 5% and even tested the $25,400 support zone. It is consolidating below $26,500 and the 100 hourly Simple Moving Average. Moreover, the hourly chart of the BTC/USD pair reveals the emergence of a bearish trend line alongside resistance near $26,100.
Bitcoin is currently facing resistance around the $25,900 mark, near the 23.6% Fibonacci retracement level of its recent slide from a peak of $27,489 to a low of $25,400. Looking ahead, the next important resistance is located near the $26,100 level and the trend line. Key resistance is around $26,500 or the 50% Fibonacci retracement level of its recent slide from a peak of $27,489 to a low of $25,400. Going past this level has the potential to trigger a substantial upside move.
The next major resistance to watch is around $26,700. If Bitcoin breaks out and decisively closes above $26,700, it could rise towards $27,200. Further advance beyond the $27,200 resistance zone might push the price towards the $27,500 resistance area.
However, failure to overcome the $26,100 resistance could result in a further downside move. Immediate support on the downside lies near the $25,400 level, followed by a key support zone around $25,000. A break below this level could accelerate the price’s decline, potentially directing it towards the $24,500 support in the coming sessions.
Assessing technical indicators, the hourly MACD is currently showing increasing bearish momentum, while the RSI for BTC/USD remains below the 50 level.
Bitcoin has witnessed a sharp decline, falling below a significant support level. Although the price may experience a corrective rebound, further gains may be limited. On the downside, immediate support is $25,400, with a zone of significant support around $25,000. Conversely, breaking the resistance levels of $26,100, $26,500, and $26,700 could open the way for a potential upside move towards $27,200.