Bitcoin price is showing bearish signs below the $28,000 zone. BTC must clear $28,000 to avoid more losses in the coming sessions.
- Bitcoin struggled to gain pace above the $28,000 resistance zone.
- The price is trading below $27,800 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance near $27,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a decent recovery wave if there is a close above $28,000.
Bitcoin Price Remains At a Risk
Bitcoin price found support near the $27,200 zone and started an upside correction. BTC climbed above the $27,800 level but upsides were limited.
It tested the $28,000 resistance zone. A high was formed near $28,000 and the price reacted to the downside. It broke the $27,200 support zone and tested $27,000. A low is formed near $26,969 and the price is again attempting an upside correction.Bitcoin climbed above the 50% Fib retracement level of the recent decline from the $28,000 high to the $26,969 low. However, it is still trading below $27,800 and the 100 hourly Simple moving average.
Besides, there is a connecting bearish trend line forming with resistance near $27,650 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $27,650 level and the trend line. The trend line coincides with the 61.8% Fib retracement level of the recent decline from the $28,000 high to the $26,969 low.