Bitcoin’s price has been trending lower, currently trading below the $27,500 pivot level. The downward movement may be attributed to rising tensions in the Israel-Hamas conflict. The situation has escalated, with over 1,200 reported deaths on the Israeli side.
Bitcoin is facing resistance near the $27,400 level, and there’s a key bearish trend line with resistance around $27,550 on the hourly chart of the BTC/USD pair. If there’s an upside correction, the price might encounter resistance around the $27,400 level, followed by the $27,500 level and the trend line. The first significant resistance level is at $27,800, above which Bitcoin could test $28,250.
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On the other hand, if Bitcoin doesn’t recover above the $27,500 resistance, further losses are possible. Immediate support is near the $27,000 level or the 1.236 Fibonacci extension level from the recent upward movement. The next major support sits at $26,500, and if the price falls below this level, it could move further down to $26,000.
Bitcoin’s price movement is also influenced by various technical indicators, including the MACD, which is gaining momentum in the bearish zone, and the RSI (Relative Strength Index), which is currently below the 50 level. These indicators suggest a bearish outlook for Bitcoin’s price in the short term. The situation in the Israel-Hamas conflict is one of the factors contributing to this bearish sentiment.