11 September 2023
Bitcoin price is struggling to recover above $26,500. BTC is clearly struggling and there is a risk of a downside break in the near term.
Bitcoin is facing a lot of hurdles above the $26,200 resistance zone.
The price is trading well below $26,000 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance near $25,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could take a major hit if there is a close below $25,350.
Bitcoin Price Remains At Risk
Bitcoin price remained in a bearish zone and all attempts to start a decent recovery failed. BTC peaked near $26,500 and started a fresh decline.
There was a close below the $26,000 pivot level. The price even spiked below $25,650. A base seems to be forming near the $25,600 level but upsides are still capped. The price is consolidating below the 23.6% Fib retracement level of the downward move from the $26,487 swing high to the $25,650 low.
Bitcoin is also trading well below $26,000 and the 100 hourly Simple moving average. Besides, there is a key bearish trend line forming with resistance near $25,800 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $25,800 level. The first major resistance is near the $26,050 level or the 50% Fib retracement level of the downward move from the $26,487 swing high to the $25,650 low.
Source: BTCUSD on TradingView.com
The next key resistance is near $26,200. A proper close above the $26,200 level might start a decent increase. The next major resistance is near $26,500, above which the bulls could gain strength. In the stated case, the price could test the $27,000 level.
More Losses In BTC?
If Bitcoin fails to clear the $26,200 resistance, it could continue to move down. Immediate support on the downside is near the $25,600 level.
The next major support is near the $25,350 level. A downside break and close below the $25,350 level might increase selling pressure. In the stated case, the price could drop toward $24,500 or even $24,000.
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 50 level.
Major Support Levels – $25,600, followed by $25,350.
Major Resistance Levels – $25,800, $26,050, and $26.200.