Bitcoin price drops, attracts sellers.

The price of Bitcoin has started to decline again and has gone below the $27,500 support level. The BTC is showing many bearish signals below the $27,400 pivot level. Bitcoin has now gone below the $27,550 mark and the 100 hourly Simple moving average. There is a major trend line forming with a resistance close to $27,500 on the hourly chart of the BTC/USD pair from Kraken. The pair may go up in correction, but the increase may be limited above the $27,500 resistance level.

Bitcoin price failed to increase above the $28,000 resistance zone and started to decline again, trading below the key support zone of $27,500. The price has gone below the $27,400 level and the 100 hourly Simple moving average. The price has even gone below the $27,000 level and has traded close to the $26,500 support level, forming a low near $26,571. The price is now consolidating losses.

Bitcoin price is trading below $27,550 and the 100 hourly Simple moving average. There is also a major trend line forming with resistance close to $27,500 on the hourly chart of the BTC/USD pair. The immediate resistance on the upside is close to the $26,920 level, which is close to the 50% Fib retracement level of the recent decline from the $27,287 swing high to the $26,571 low. The next major resistance is near the $27,100 level. The stated resistance is near the 76.4% Fib retracement level of the recent decline from the $27,287 swing high to the $26,571 low. The main resistance is near the $27,500 level. An upside break and close above $27,500 could start a steady increase toward $28,000. If the bulls manage to clear the $28,000 resistance zone, the price may go toward the $28,500 resistance zone.

If Bitcoin’s price fails to clear the $27,100 resistance, it may continue to go down. Immediate support on the downside is near the $26,550 level. The next major support is close to the $26,500 zone, below which the price may gain bearish momentum. In the stated case, the price could drop toward the $26,000 support. Technical indicators such as the Hourly MACD and the Hourly RSI are showing bearish signals. The major support levels are $26,550, followed by $26,500 and the major resistance levels are $27,100, $27,400, and $27,500.

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Source: BTCUSD on TradingView.com