The price of bitcoin is battling to rise above $26,200. BTC is once again going downward, and the near future may see a dramatic drop below $25,500.

  • Above the $26,200 and $26,500 levels, Bitcoin was unable to rebound.
  • Under $26,000 and the 100-hour simple moving average, the price is currently trading.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a significant bearish trend line is developing with resistance located close to $25,650.
  • In the immediate future, the pair may decline faster than usual below the $25,500 and $25,400 levels.

Bitcoin Price Resumes Slide

From the $25,350 region, the bitcoin price attempted a comeback wave. BTC, however, was unable to move over the pivot level of $26,200 and remained in a bearish area.

Once further falling, the price is already trading under the $26,000 mark. Below $26,000 and the 100-hour simple moving average, numerous bearish indicators are beginning to emerge. On the hourly chart of the BTC/USD pair, a significant negative trend line with resistance near $25,650 is also developing.

The area around $26,200 is now the next significant area of resistance. A definite move above $26,200 might signal the beginning of a strong comeback wave toward $26,500. Near $27,000 is the next significant barrier; anything above that might lead to a respectable rise. In the hypothetical scenario, the price might test the $27,800 mark.

See also  Amazon to Launch NFT Marketplace in April 2023: What We Can Expect

More Losses In BTC?

Bitcoin may continue to decline if the $26,000 resistance is not overcome. On the downside, there is immediate support close to the $25,350 mark.

Near the $25,000 mark, there is the next significant level of support. The price could drop even farther if it breaks below the $25,000 mark on the downside. In the described scenario, the cost might decrease to around $24,500.


Leave a Reply