Bitcoin price aims for $26,200 but the 100 SMA holds the key in the short-term.
The price of Bitcoin is trying to recover and rise above the resistance level of $25,200. In order to continue to increase in the near future, BTC must surpass the 100 hourly SMA.
- Bitcoin is gradually recovering and rising above the support level of $25,200.
- The price is trading below $25,750 and the 100 hourly Simple moving average.
- A key bearish trend line is forming with resistance near $25,680 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- If it clears $25,750 and the 100 hourly Simple moving average, the pair could rise further.
Bitcoin Price Attempts Recovery
The price of Bitcoin remained in a bearish zone below the resistance zone of $26,200. BTC extended its decline below the support level of $25,500 and even spiked below $25,000.
A low was formed near $24,751 and the price is now attempting a recovery wave. There was a clear move above the resistance levels of $25,000 and $25,200. The price climbed above the 50% Fib retracement level of the downward move from the swing high of $26,062 to the low of $24,751.
The price of Bitcoin is now trading below $25,750 and the 100 hourly Simple moving average. Moreover, a key bearish trend line is forming with resistance near $25,680 on the hourly chart of the BTC/USD pair.
- Bitcoin price impact if ETF approved = Similar to gold ETF example.
- Bitcoin’s struggle to break through $25,600 and factors affecting its future.
- BlackRock applies for first-ever US Bitcoin ETF.
The pair is now facing resistance near the trend line and the 100 hourly Simple moving average. It is close to the 61.8% Fib retracement level of the downward move from the swing high of $26,062 to the low of $24,751. The next major resistance is near the level of $25,750.
Source: BTCUSD on TradingView.com
A clear move above the resistance level of $25,750 could start a fresh increase. The next major resistance is near the level of $26,200, above which the bulls might send BTC toward the resistance zone of $26,500.
Fresh Decline in BTC?
If the price of Bitcoin fails to clear the resistance level of $25,750, it could start another decline. Immediate support on the downside is near the level of $25,200.
The next major support is near the level of $24,820, below which the price might start another major decline. In this case, the price could drop toward the support level of $24,000 in the near term.
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 above the 50 level.
Major Support Levels – $25,200, followed by $24,820.
Major Resistance Levels – $25,680, $25,750, and $26,200.
