Bitcoin price is consolidating above $25,650 and $25,500. BTC could start a decent increase if the bulls manage to push it above the $26,200 resistance.
- Bitcoin is trading in a range above the $25,650 support zone.
- The price is trading below $26,000 and the 100 hourly Simple moving average.
- There is a short-term 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 it continues to struggle below the $26,200 resistance zone.
Bitcoin Price Starts Consolidation
Bitcoin price remained in a range and settled well below the $26,200 resistance zone. It seems like BTC bulls are currently protecting a downside break below the $25,650 and $25,500 support levels.
It is clearly consolidating above the $25,650 level. However, it is also below $26,000 and the 100 hourly Simple moving average. Besides, there is a short-term 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 and the trend line. The first major resistance is near the $26,000 level or the 23.6% Fib retracement level of the main decline from the $28,150 swing high to the $25,330 low.
The next major resistance is now near the $26,200 level. A proper close above the $26,200 level might start a decent recovery wave toward $26,750. It is close to the 50% Fib retracement level of the main decline from the $28,150 swing high to the $25,330 low.
Source: BTCUSD on TradingView.com
The next major resistance is near $27,000, above which the bulls might gain strength. In the stated case, the price could test the $28,000 level.
Another Drop In BTC?
If Bitcoin fails to clear the $26,200 resistance, it could continue to move down. Immediate support on the downside is near the $25,650 level.
The next major support is near the $25,350 level. A downside break and close below the $25,350 level might send the price further lower. In the stated case, the price could drop toward $24,800 or even $24,500.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $25,650, followed by $25,350.
Major Resistance Levels – $25,800, $26,000, and $26,200.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://www.newsbtc.com/analysis/btc/bitcoin-bulls-hold-strong-25500/
- :is
- 000
- 1
- 100
- 150
- 200
- 23
- 50
- 500
- a
- above
- also
- and
- ARE
- At
- average
- bearish
- below
- besides
- Bitcoin
- bitcoin bulls
- Bitcoin Price
- Break
- BTC
- BTC/USD
- Bulls
- but
- by
- CAN
- case
- Chart
- clear
- clearly
- Close
- consolidating
- continue
- continues
- could
- Currently
- data
- decent
- Decline
- down
- downside
- Drop
- Even
- fails
- First
- followed
- For
- from
- further
- Gain
- High
- higher
- Hit
- hold
- However
- HTTPS
- if
- immediate
- in
- Increase
- index
- Indicators
- IT
- Kraken
- Level
- levels
- like
- Line
- losing
- Low
- lower
- MACD
- Main
- major
- manage
- max-width
- might
- move
- moving
- moving average
- Near
- NewsBTC
- next
- now
- of
- on
- or
- Pace
- pair
- plato
- Plato Data Intelligence
- PlatoData
- price
- proper
- protecting
- Push
- range
- recovery
- relative
- relative strength index
- remained
- Resistance
- retracement
- rsi
- seems
- send
- Settled
- short-term
- Simple
- start
- starts
- stated
- strength
- strong
- Struggle
- support
- support levels
- Swing
- Take
- test
- The
- There.
- they
- to
- toward
- Trading
- TradingView
- Trend
- Upside
- Wave
- WELL
- which
- with
- zephyrnet