The price of Bitcoin is reversing gains from $28,000. Before the bulls regain control, BTC may drop even further below $26,800.
📜#Bitcoin reserves lowest since 12 May. The price at the time plunged by a whopping $10k in a single day. Is this a subtle start of the tides reversing? pic.twitter.com/Lqc1lJpT2C
— Alex Ryvkin (@AlexanderRyvkin) July 9, 2021
The $28,150 barrier area marked the beginning of the downward correction for bitcoin.
The price is currently trading over $26,600, as is the 100-hour simple moving average.
On the hourly chart of the BTC/USD pair (data feed from Kraken), a descending channel is formed with resistance around $27,250.
Before attempting a new rise, the pair may continue to drop toward $26,800.
Bitcoin Price Starts Downside Correction
The price of bitcoin began a steady rise above the $27,000 resistance level. Before the bears materialized, BTC even surged up toward the $28,000 barrier level.
Gold Price Starts Downside Correction | https://t.co/lnQNquFKbZ#forex #bitcoin #trading #forextrader #money #cryptocurrency #trader #forextrading #forexsignals #crypto #investment #business #invest #binaryoptions #investor #success #forexlifestyle #btc #wealth #stocks pic.twitter.com/qWBxaFVQM8
— Forex Broker Hub (@forexbrokerhub) June 26, 2019
When a high was reached around $28,150, the price began to decline. The $28,000 and $27,500 limits were moved lower. Even below the $27,400 mark, the price skyrocketed. The crucial climb from the $25,928 swing low to the $28,150 high was retraced by 50% of the Fibonacci retracement, and this is where the price found support.
Currently, the price of bitcoin is trading above both $26,600 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, there is also a descending channel emerging with resistance near $27,250.
Bitcoin's short-term holder realized price is currently trading at $18,720 and the price of #BTC has decisively broken above this on-chain level.
I highlighted this in real-time as a bullish development, since all bull markets are characterized by price > STHRP. pic.twitter.com/kliYtcxM5J
— Caleb Franzen (@CalebFranzen) January 26, 2023
Near the $27,200 mark and the channel trend line, there is immediate resistance on the upside. The $27,400 level is the first significant obstacle. The price could reach $28,000 if there is a clear upward movement from the $27,400 mark. Near $28,150 is the next significant barrier, and if this barrier is crossed, a steady gain may follow.
What’s Key Support In BTC?
Bitcoin may continue to decline if the $27,400 resistance is not overcome. On the downside, there is immediate support close to the $27,000 mark.
Previous liquidity at $1760 snatched up, and we're back above the broken trendline. Next step? Higher liquidity around +$1887.
What's intriguing? Right now, #eth is outpacing #btc in strength. And lots of #altcoins are at key support. Due to Bounce next week ? pic.twitter.com/hhoc1o6gTi
— RobinDesBois (@RobindesboisCT) May 26, 2023
The 61.8% Fib retracement level of the significant climb from the $25,928 swing low to the $28,150 high is close to the $26,800 level, which is the next significant support. The bulls may come under a lot of pressure if the downside breaks below the $26,700 barrier. The cost might decrease to around $26,000 in the scenario mentioned.