Bitcoin’s price is currently on a downward trajectory, struggling to maintain support above $26,500. It faces the potential for further losses if it fails to hold above the $26,000 support level.
Bitcoin experienced a decline after it was unable to break through the $27,500 resistance level.
The cryptocurrency is now trading below $26,500 and the 100-hourly Simple Moving Average (SMA).
A significant bearish trendline is forming, with resistance around $26,500, as seen on the hourly chart for the BTC/USD pair.
Bitcoin’s immediate resistance lies near the $26,350 level, followed by a more substantial barrier at $26,500, which includes the bearish trendline and the 61.8% Fibonacci retracement level from the recent high of $26,711 to the low of $26,026.
A potential breakout above $26,700 could trigger a bullish rally, possibly pushing the price toward the $27,000 resistance. Further gains could even lead to a test of the $27,500 level.
Bitcoin’s Current Price Situation
On the downside, if Bitcoin fails to establish a rally above the $26,500 resistance, it may continue its descent. Immediate support is at the $26,050 level, followed by a more substantial support level at $26,000. A breach below $26,000 could lead to further losses, with the next support target at $25,400, and potentially even a test of $25,000.
Key technical indicators, such as the hourly MACD and RSI, suggest a bearish sentiment, with the RSI below the 50 level.
Bitcoin’s price is currently in a vulnerable position, with the potential for more losses if it fails to hold above key support levels. Conversely, a successful breakout above $26,500 could pave the way for a bullish move.