The price of bitcoin tested the $25,350 region and is now bouncing back. For BTC to begin a respectable gain in the short term, it must overcome the $26,200 resistance.

  • From the $25,350 region, Bitcoin is attempting a comeback wave.
  • The price is trading below both the 100-hour simple moving average and the $26,200 mark.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), there was a break over a significant bearish trend line with resistance close to $26,000.
  • If the pair clears $26,200 and the 100-hourly SMA, it might begin a respectable climb.

Bitcoin Price Faces Hurdles

Below the $27,000 barrier zone, the price of bitcoin stayed in a bearish zone. BTC continued to fall and traded under the $26,000 mark. Additionally, the price had risen below $25,500 and touched $25,350.

Near $25,333, a low was created, and now the price is attempting a recovery wave. Above the $25,800 resistance, there was a modest gain. The price increased beyond the 23.6% Fibonacci retracement level of the decline from the swing high of $28,150 to the low of $25,333.

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Near $27,000, the primary resistance is now developing. The price might climb toward $27,500 if there is a clear advance above the $27,000 mark. Near $28,000 is the next significant barrier; if it is broken, a decent upward movement may occur. In the hypothetical scenario, the price might test the $28,800 mark.

Another Decline In BTC?

Bitcoin may begin a new slump if it is unable to overcome the $26,200 resistance. On the downside, there is immediate support close to the $25,650 mark.

Near the $25,350 mark, there comes the next significant support. The price could drop even more if it breaks below the $25,350 barrier on the downside. According to the scenario, the cost might decrease to around $24,800.


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