Bitcoin’s price is currently in a bearish trend after failing to clear the $27,500 resistance level. It has fallen below the $27,000 and $26,800 support levels, entering a bearish zone. A major bullish trendline was also broken with support near $26,800 on the hourly chart.
The price is currently trading near the $26,350 support zone and consolidating losses. It is below the 100 hourly Simple Moving Average (SMA) and faces immediate resistance around $26,800. The first significant resistance is near $27,000, along with a connecting bearish trendline and the 50% Fibonacci retracement level of the recent decline.
If Bitcoin can’t break above the $27,000 resistance, it may continue to move lower. The next major support level is around $26,200, and a break below it could lead to further bearish moves with the price potentially declining to the next support at $25,400.
Bitcoin’s Price Struggles to Overcome $27,000 Resistance
On the other hand, if Bitcoin manages to surpass the $27,000 resistance, it might gain bullish momentum and target the $27,500 resistance. Further gains could take it toward the $28,800 level in the coming days. The MACD is currently in the bearish zone, and the RSI is below the 50 level, indicating a bearish sentiment in the short term.
Bitcoin’s price remains volatile, so traders should exercise caution and closely monitor key support and resistance levels.