shutterstock 786496693 460x325 lD5W0M Bitcoin Price Struggles To Recover and Remains Vulnerable To Fresh Decline

Bitcoin Price Struggles To Recover and Remains Vulnerable To Fresh Decline

Bitcoin price is struggling to recover above the $26,650 resistance. BTC might start another decline if it stays below the $26,650 resistance zone.

Bitcoin is consolidating below the $26,600 and $26,650 resistance levels.
The price is trading below $26,650 and the 100 hourly Simple moving average.
There is a major bearish trend line forming with resistance near $26,640 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could recover if there is a clear move above the $26,650 resistance.

Bitcoin Price Faces Hurdle

Bitcoin price remained in a bearish zone below the $27,500 resistance zone. BTC extended its decline and traded below the $26,000 level. A low was formed near $25,865 before the price started an upside correction.

There was a move above the $26,200 level. The price is trading above the 23.6% Fib retracement level of the downward move from the $27,512 swing high to the $25,865 low. However, the price is facing many hurdles near $26,650.

Bitcoin price is now consolidating below the $26,600 and $26,650 resistance levels. There is also a major bearish trend line forming with resistance near $26,640 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $26,550 level. The next major resistance is near the $26,650 level or the 50% Fib retracement level of the downward move from the $27,512 swing high to the $25,865 low. A close above the $26,650 resistance zone might send the price toward the $27,200 resistance zone.

Source: BTCUSD on TradingView.com

The next key resistance is near $27,550, above which the price might rise toward the $28,000 resistance. Any more gains might send the price toward the $28,200 resistance level.

Fresh Decline in BTC?

If Bitcoin’s price fails to clear the $26,650 resistance, it could start another decline. Immediate support on the downside is near the $26,200 level.

The next major support is near the $26,000 zone, below which the price might revisit the last swing low at $25,865. Any more losses might take Bitcoin toward the $25,000 level in the near term.

Technical indicators:

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

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

Major Support Levels – $26,200, followed by $26,000.

Major Resistance Levels – $26,550, $26,650, and $27,200.

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