The price of Bitcoin is battling to rise above $26,500. BTC is obviously in trouble, and a short-term negative break is possible.
BTC Update:#BITCOIN vehemently rejected support area as shown & slammed into the main resistance.The price is battling to break over $24,600-$25,000 level,As of right now,all eyes are on daily Candle Close.Weekly also looks interesting,so I’ll update with that#Laura_90fx #NFTs pic.twitter.com/clTyrQlVqh
— Laura Jane (@Laura_90fx) February 18, 2023
- The $26,200 resistance level is just one of many obstacles that Bitcoin must overcome.
- Both the $26,000 price and the 100-hour simple moving average are being traded at a significant discount.
- 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 $25,800.
- If the price closes below $25,350, the pair could suffer significantly.
Bitcoin Price Remains At Risk
All attempts to begin a respectable recovery from the bearish zone in which the bitcoin price was trading failed. BTC began a new drop after reaching a peak near $26,500.
— Altconium (@Altconium) September 11, 2023
The pivot level of $26,000 was closed below. Even dropped below $25,650 at one point. Near the $25,600 mark, a base appears to be building, although upsides are still limited. The price is settling below the 23.6% Fibonacci retracement level of the decline from the swing high of $26,487 to the low of $25,650.
Likewise, the price of bitcoin is far below $26,000 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, a significant bearish trend line with resistance near $25,800 is also developing.
On the upside, immediate resistance is located close to the $25,800 mark. The 50% Fib retracement level of the decline from the $26,487 swing high to the $25,650 low, or the $26,050 level, is the first significant barrier.
Near $26,200 is the next significant resistance. A proper close above $26,200 might signal the beginning of a respectable climb. Near $26,500, which is where the next significant resistance is located, the bulls may strengthen. The price may test the $27,000 mark in the scenario given.
More Losses In BTC?
Bitcoin may continue to decline if the $26,200 resistance is not overcome. On the downside, there is immediate support close to the $25,600 mark.
@bettingman as a gambler you think BTC is a Ponzi? I promise I bet more than you, accept all winnings in BTC and pay all losses in BTC.
— Lenny (@OGLenny007) February 9, 2022
Near the $25,350 mark, there comes the next significant support. Selling pressure could be exacerbated if the downside were to break and close below the $25,350 mark. In the described scenario, the cost might decrease to $24,500 or perhaps $24,000.