Bitcoin price is struggling to rise above the $27,800 resistance zone. BTC could extend its decline if there is a clear move below the $27,200 support zone.
- Bitcoin is struggling to start a fresh increase above the $27,800 resistance zone.
- The price is trading below $27,700 and the 100 hourly Simple moving average.
- There was a break below a key rising channel with support near $27,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another decline if there is a close below the $27,200 support.
Bitcoin Price Faces Uphill Task
Bitcoin price attempted a fresh increase from the $27,200 support zone after a downside correction. BTC managed to recover above the $27,500 resistance zone.
The price climbed above the 50% Fib retracement level of the downward move from the $28,565 swing high to the $27,189 low. However, the bears remained active near the $28,000 resistance zone. The price struggled to settle above the $27,850 level.Besides, there was a break below a key rising channel with support near $27,650 on the hourly chart of the BTC/USD pair. The bulls are now protecting the $27,200 support zone. It is trading below $27,700 and the 100 hourly Simple moving average.