Bitcoin price is struggling to recover above $26,500. BTC is clearly struggling and there is a risk of a downside break in the near term.
- Bitcoin is facing a lot of hurdles above the $26,200 resistance zone.
- The price is trading well below $26,000 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $25,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could take a major hit if there is a close below $25,350.
Bitcoin Price Remains At Risk
Bitcoin price remained in a bearish zone and all attempts to start a decent recovery failed. BTC peaked near $26,500 and started a fresh decline.
There was a close below the $26,000 pivot level. The price even spiked below $25,650. A base seems to be forming near the $25,600 level but upsides are still capped. The price is consolidating below the 23.6% Fib retracement level of the downward move from the $26,487 swing high to the $25,650 low.Bitcoin is also trading well below $26,000 and the 100 hourly Simple moving average. Besides, there is a key bearish trend line forming with resistance near $25,800 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $25,800 level. The first major resistance is near the $26,050 level or the 50% Fib retracement level of the downward move from the $26,487 swing high to the $25,650 low.