The price of Bitcoin is battling to rise beyond $26,500. If BTC moves below the $25,600 support level, the bearish trend may intensify.
#Bitcoin 1W Chart through the lens of Steve’s FibMa Indicator shows the price battling the top of the green channel at 31k. 👇
And the NVT is below the 40 level once more. 👀
— Steve Courtney ~ Crypto Crew University (@CryptoCrewU) July 28, 2023
Bitcoin is having difficulty regaining ground over the $26,500 barrier level.
The price is trading below both the 100-hour simple moving average and the $26,400 mark.
On the hourly chart of the BTC/USD pair (data feed from Kraken), there was a breach below a connecting positive trend line with support close to $26,000.
If there is a break below the $25,600 support, the pair may continue to decline.
Bitcoin Price Aims Lower
Above the $26,000 resistance zone, the price of bitcoin tried to make a recovery wave. BTC surpassed $26,200 but found it difficult to move higher.
$BTC bouncing on diagonal support and the local 0.618, but getting a hard reject at the macro 0.382 fib
— Crypto Koolaid (@Koolaid_crypto) July 1, 2022
It recently began a new drop after forming a high at the $26,500 region. There was a decline under the $26,200 mark. On the hourly chart of the BTC/USD pair, a break below a connecting positive trend line with support close to $26,000 also occurred.
Bitcoin tried to reach the level of the wave’s 50% Fibonacci retracement from the $24,800 swing low to the $26,981 high. Currently, it is trading below both the 100-hour simple moving average and $26,400.
— Ali Kazmi (@alimkazmi) July 10, 2022
Near the $26,100 mark and the 100-hour simple moving average, there is immediate resistance. $26,250 is the next significant resistance. The price may advance into the $26,500 barrier zone if there is a clear move above the $26,250 resistance.
Another Decline In BTC?
Bitcoin may continue to decline if the $26,250 resistance is not overcome. On the downside, there is near-term support around the $25,900 region.
Eurozone inflation is at a decline 🟢 🇪🇺
A thread 🧵👇
– Slowdown demonstrates decline in purchasing power.
– In May, the annual #inflation dec to 6.1%
— Kapoor Kshitiz (@kshitizkapoor_) June 2, 2023
The 61.8% Fib retracement level of the recovery wave from the $24,800 swing low to the $26,981 high, or the $25,600 level, serves as the area’s next significant support. If the price declines and breaks below the $25,600 mark, it could enter a bearish zone. In the cited scenario, the cost might decrease to $25,000 or less.