Bitcoin price started a consolidation phase below the $28,800 resistance. BTC is struggling and might face heavy selling interest above $28,500 and $28,800.
- Bitcoin is slowly moving lower and trading well below the $28,800 resistance zone.
- The price is trading below $28,200 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $28,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it clears the $28,250 resistance level.
Bitcoin Price Faces Resistance
Bitcoin price remained in a small range below the $28,800 resistance zone. BTC struggled to recover above the $28,400 resistance and extended its decline.
There was a downside extension below the $27,800 level. The price traded as low as $27,700 before it started a consolidation phase. There was a minor increase above the 23.6% Fib retracement level of the downward move from the $28,792 swing high to the $27,700 low.Bitcoin price is now trading below $28,200 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $28,000 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the trend line and $28,050. The next major resistance is near the $28,250 zone. It is near the 50% Fib retracement level of the downward move from the $28,792 swing high to the $27,700 low.