At the moment, Bitcoin is stabilizing at around $25,500, and there is a chance that it may try to reverse its trend upwards. Nevertheless, it is important to note that the $26,200 resistance level could potentially limit any gains that may be made. It is important to keep in mind that the $26,200 resistance level could potentially limit any gains that may be made.
$BTC / $USDT update
bitcoin touched 36k as predicted yesterday and created higher high, and then got rejected from 20 ema and the top of the triangle. At the moment it's stabilizing at 34k level which is exactly the bottom of the ascending channel. today is going to be boring pic.twitter.com/b02AWgV1aK
— cryptogokui (@CryptoRa11) July 5, 2021
- Bitcoin’s price is still unstable, and it is currently hovering around the support level of $25,500. At present, the price is trading below $26,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (based on data feed from Kraken), a significant bearish trend line is emerging, with resistance located near $25,950.
- Although there could be an attempt to recover, the bears may remain aggressive.
Bitcoin Price Remains Stagnant within a Fixed Range
Bitcoin made an attempt to surpass the $26,000 barrier, but did not gather enough momentum to break through the $26,000 and $26,200 marks. The price fell below $25,650, but then rose above $25,500 with the support of bullish investors who held onto the $25,350 mark. Currently, the price is trading below $26,000 and the 100-hour simple moving average.
— Meanwhile Crypto (@MeanwhileCrypto) August 10, 2018
On the BTC/USD hourly chart, a negative trend line with resistance near $25,950 is forming. The area around the $26,000 mark and the trend line serve as immediate points of resistance on the upside. The 23.6% Fibonacci level indicates the point where the significant decline from the $28,150 swing high to the $25,333 low is retraced.
The first major obstacle that needs to be overcome is the $26,200 level. If this level is crossed and closed above, an upward correction towards $26,750 could be initiated. This level is quite close to where the crucial decline from the $28,150 swing high to the $25,333 low is retraced by 50% according to the Fibonacci ratio.
Is Bitcoin Headed for Another Drop? Experts Weigh In
If the $26,000 resistance is not overcome, Bitcoin’s value could keep dropping. However, there are levels of immediate support at both the $25,500 and $25,350 marks.
Should the price fall below $25,350, there could be even more selling pressure leading to a decrease in value to $24,500 or even $24,000.