Bitcoin price is struggling to clear the $27,500 resistance. BTC is slowly moving lower and might revisit the $26,200 support zone in the coming sessions.
- Bitcoin is still struggling to clear the $27,500 resistance.
- The price is trading above $26,800 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $26,810 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a bearish wave below $26,800 if it continues to struggle below $27,500.
Bitcoin Price Faces Rejection
Bitcoin price made a couple of attempts to gain strength for a move above the $27,500 resistance zone. However, BTC failed to continue higher and slowly moved lower after the Fed interest rate decision.
The Fed kept the rates steady at 5.5% and it did not impact Bitcoin much. The price is now moving lower below the $27,200 level. There was a break below the 50% Fib retracement level of the upward move from the $26,656 swing low to the $27,495 high.If the price remains stable above the trend line, it could rise again. Immediate resistance on the upside is near the $27,280 level. The first major resistance is near the $27,500 zone, above which the price could gain bullish momentum.