Bitcoin price is slowly moving lower below the $28,500 level. BTC could drop toward the $28,000 level or the 100 hourly SMA before the bulls take a stand.
- Bitcoin is struggling to gain traction for a move above the $28,500 level.
- The price is trading above $27,750 and the 100 hourly Simple moving average.
- There was a break below a key bullish trend line with support near $28,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could revisit the 100 hourly Simple moving average before it attempts a fresh increase.
Bitcoin Price Extends Downside Correction
Bitcoin price started a downside correction from the $30,000 resistance zone. BTC struggled to stay in a positive zone and settled below the $28,500 pivot level.
Recently, the bears pushed the price below the $28,200 level. Besides, there was a break below a key bullish trend line with support near $28,400 on the hourly chart of the BTC/USD pair. A low is formed near $28,150 and the price is now consolidating losses.Bitcoin is now trading above $27,750 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $28,550 level. It is close to the 50% Fib retracement level of the recent decline from the $28,980 swing high to the $28,150 low.
The next key resistance could be near $28,800 or the 76.4% Fib retracement level of the recent decline from the $28,980 swing high to the $28,150 low.