Bitcoin price is consolidating above the $26,000 support. BTC could start a recovery wave if it clears the $26,500 resistance zone in the near term.
- Bitcoin is still consolidating above the $26,000 support zone.
- The price is trading below $26,400 and the 100 hourly Simple moving average.
- There is a major bearish trend line forming with resistance near $26,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a decent recovery wave unless there is a clear move below $26,000.
Bitcoin Price Eyes Recovery
Bitcoin price remained stable above the $26,000 support zone. BTC seems to be forming a short-term support base above the $26,000 level and is currently consolidating.
Recently, the price made a recovery wave attempt above the $26,200 level. However, the bears remained active below the $26,500 level. They rejected the 50% Fib retracement level of the downward move from the $26,712 swing high to the $26,026 low.Bitcoin is now trading below $26,400 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $26,300 level. There is also a major bearish trend line forming with resistance near $26,300 on the hourly chart of the BTC/USD pair.
The next key resistance could be near the $26,350 level or the 100 hourly Simple moving average, above which the price could revisit the $26,500 resistance or the 76.4% Fib retracement level of the downward move from the $26,712 swing high to the $26,026 low. Notably, , known for accepting Bitcoin, offers gamblers a modern payment method that aligns with the increasing digitization of financial transactions in the gaming sector.