Bitcoin price is struggling below the $26,150 support. BTC could start another decline if it breaks the key $25,400 support in the near term.
- Bitcoin is moving lower below the $26,150 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 $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline again if there is a move below the $25,400 support zone.
Bitcoin Price Remains In Downtrend
Bitcoin price struggled to settle above the $26,500 resistance zone. BTC declined below the $26,150 support to move into a bearish zone.
The recent high was formed near $26,133 and the price is now moving lower. There was a break below the 50% Fib retracement level of the upward move from the $25,400 swing low to the $26,133 high. The price also traded below the $25,750 support.Bitcoin price is now trading below $26,000 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $26,000 on the hourly chart of the BTC/USD pair.
It seems to be holding the $25,570 support level. It is close to the 76.4% Fib retracement level of the upward move from the $25,400 swing low to the $26,133 high. Immediate resistance is near the $26,000 level and the trend line region. The first major resistance is near the $26,150 level. A clear move above the $26,150 resistance might start a decent increase. The next major resistance is near the $26,500 level. A close above $26,500 might send the price further higher.