Cryptocurrency market is currently observing a decline in Bitcoin prices. The digital currency recently failed to commence a recovery wave above the level of $27,800 and settled below the $27,500 support zone. The bears were able to drive the price downward, creating a low of $26,720. The current trend is bearish and, at the time of writing, it is trading below both the $27,500 and the 100 hourly Simple moving average.

The strong resistance points are situated at $27,000 and $27,350, as well as the 23.6% and the 50% Fib retracement levels from the $28,335 high to $26,720 low. If Bitcoin manages to break above the $27,800, it could start a nice upward movement. In such case, the next major resistance stands at the level of $28,000, along with the possible further increase towards $28,500.

On the contrary, if Bitcoin’s price fails to exceed the $27,500, it could continue to fall. In that case, immediate support is located around the $26,750 mark, and the next major support can be found near the $26,500 level. Moving further down, the $26,000 could prove to be a major hurdle before reaching the $25,000 milestone.

Presently, the hourly MACD is gaining pace and staying in the bearish zone, while the Relative Strength Index is dropping below the 50 mark. In order to see a much-needed bullish market, Bitcoin needs to break the resistance with strong bullish forces. Until then, the bearish momentum might not pause and we could see further declines in the BTC price.



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