Bitcoin price attempted a fresh increase above the $26,500 resistance. However, BTC failed to settle above $26,700 and reacted to the downside.
- Bitcoin is still struggling to clear $26,500 and $26,700.
- The price is trading above $26,200 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support near $26,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could again climb higher unless there is a close below $26,200 and $26,000.
Bitcoin Price Faces Uphill Task
Bitcoin price started a decent recovery wave from the $26,000 support zone. BTC climbed higher above the $26,350 and $26,500 resistance levels.
The price even spiked above the $26,700 resistance. However, the bears defended more gains. A high was formed near $26,818 and there was a strong rejection pattern. The price trimmed all gains and declined below the $26,500 level.It even dived below $26,200. A low is formed near $26,100 and the price is now attempting a fresh increase. Bitcoin is trading above $26,200 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support near $26,200 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $26,450 level. It is close to the 50% Fib retracement level of the downward move from the $26,818 swing high to the $26,100 low.