Bitcoin price is still consolidating above $25,500. BTC might attempt an upside correction, but upsides might be limited above the $26,200 resistance.
- Bitcoin is still trading in a range above the $25,500 support zone.
- The price is trading below $26,000 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $25,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could attempt to recover but the bears might remain active near $26,200.
Bitcoin Price Stuck In Range
Bitcoin price made another attempt to clear the $26,000 resistance zone. However, BTC failed to gain strength for a move above the $26,000 and $26,200 levels.
As a result, there was a fresh bearish reaction and the price declined below the $25,650 level. The bulls managed to protect the $25,350 support and the price climbed back above $25,500. It is now trading below $26,000 and the 100 hourly Simple moving average.Besides, there is a key bearish trend line forming with resistance near $25,950 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $26,000 level and the trend line. It is close to the 23.6% Fib retracement level of the key drop from the $28,150 swing high to the $25,333 low.
The first major resistance is near the $26,200 level. A proper close above the $26,200 level might start an upside correction toward $26,750. It is close to the 50% Fib retracement level of the key drop from the $28,150 swing high to the $25,333 low.
