Below $26,500, the Bitcoin price is consolidating its losses. BTC is displaying negative indicators and is susceptible to another drop toward $25,000 in price.
Bitcoin price is consolidating losses below the $26,500 level. BTC is showing bearish signs and remains at risk of a fresh decline toward $25,000. Bitcoin is struggling to recover above the $26,600 resistance zone. The price is trading below $26,500 and the 100 hourly… #BTC pic.twitter.com/K2dpzfyq7N
— Juan Manuel Chávez ₿ Ξ #Bitcoin 🇲🇽 (@JuanChavMaci) August 21, 2023
- Bitcoin is having difficulty regaining ground over the $26,600 barrier level.
- The price is trading below both the 100-hour simple moving average and the $26,500 mark.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a short-term bullish trend line forming with support close to $26,050.
- The pair can dip further lower and trade below the $26,000 level.
Bitcoin Price Turns Red
Beginning at the $24,800 support level, the price of bitcoin began to rise. The $25,000 and $25,500 barrier levels were broken by BTC.
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— Bloodgood (@bloodgoodBTC) August 26, 2022
The bearish movement from the $29,180 swing high to the $24,800 low saw a move above the 23.6% Fib retracement line. On the upside, the price is confronted with many obstacles near $26,600. It is currently trading below both the 100-hour simple moving average and the $26,500 mark.
Near $26,400 is where the immediate resistance is located. The 100-hour simple moving average and $26,500 represent the next significant resistance. A comeback wave toward the $27,000 resistance might be initiated by a clear rise above the 100-hour simple moving average.
Another Decline In BTC?
Bitcoin may continue to decline if the $26,500 resistance is not overcome. The $26,000 area and the trend line provide immediate support on the downside.
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Near the $25,600 mark, there is the next significant level of 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.