Bitcoin Bears Aim Big After Recent Breakdown Below $26,500

2023-05-25 03:02:16

Bitcoin price is declining from the $27,500 resistance. BTC traded below $26,500 and now remains at risk of a drop toward the $25,500 support zone.

Bitcoin is moving lower from the $27,400 and $27,500 resistance levels.
The price is trading below $26,500 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance near $26,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could recover but upsides might be limited above the $26,500 resistance.

Bitcoin Price Extends Decline

Bitcoin price started another decline from the $27,500 resistance zone. BTC failed to stay in a positive zone above the $26,850 support zone and extended its decline.

The bears were able to push the price below the key $26,550 support zone. The price even spiked below the $26,000 level. A low is formed near $25,865 and the price is now consolidating losses. Bitcoin price is trading below $26,500 and the 100 hourly Simple moving average.

There is also a key bearish trend line forming with resistance near $26,650 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $26,250 level or the 23.6% Fib retracement level of the recent decline from the $27,511 swing high to the $25,865 low.

The next major resistance is near the $26,400 level. The main resistance is now near $26,550 and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $27,511 swing high to the $25,865 low. A close above the $26,550 resistance zone might send the price toward the $27,200 resistance zone.

Source: BTCUSD on TradingView.com

The next key resistance is near $27,500, above which the price might gain bullish momentum toward the $28,000 resistance. Any more gains might send the price toward the $28,500 level.

More Losses in BTC?

If Bitcoin’s price fails to clear the $26,550 resistance, it could continue to move down. Immediate support on the downside is near the $25,850 level.

The next major support is near the $25,500 zone, below which the price might dive toward the $25,000 support. Any more losses might take Bitcoin toward the $24,000 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 40 level.

Major Support Levels – $25,850, followed by $25,500.

Major Resistance Levels – $26,250, $26,550, and $26,650.

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.