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Bitcoin Price Faces Confluence of Bearish Factors And Could Decline Heavily

Bitcoin Price Faces Confluence of Bearish Factors And Could Decline Heavily WikiBit 2023-06-02 11:04

Bitcoin price is consolidating above the $26,500 support. BTC could decline heavily if there is a clear move below the $26,500 support. Bitcoin is still

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  • Bitcoin is still struggling to stay above the $26,500 support zone.

  • The price is trading below $27,250 and the 100 hourly Simple moving average.

  • There is a key bearish trend line forming with resistance near $27,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could correct higher, but upsides might be contained above the $27,500 resistance.

Bitcoin Price Holds Support

Bitcoin price remained in a bearish zone below the $27,500 resistance zone. BTC failed to recover and started another decline below $27,000.

There was a spike below the $26,550 support zone but the bulls were active near $26,500. A low is formed near $26,500 and the price is now consolidating losses. It is testing the 23.6% Fib retracement level of the main drop from the $28,450 swing high to the $26,500 low.

Bitcoin price is now trading below $27,250 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $27,220 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $27,000 level and the trend line. The next major resistance is near the $27,500 level and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the main drop from the $28,450 swing high to the $26,500 low.

Source: BTCUSD on TradingView.com

An upside break and close above $27,500 could start a decent increase toward $28,000. Any more gains above the $28,000 resistance zone might send the price toward the $28,500 resistance zone or even $29,200.

More Losses in BTC?

If Bitcoins price fails to clear the $27,200 resistance, it could continue to move down. Immediate support on the downside is near the $26,560 level.

The next major support is near the $26,500 zone, below which the price might start a strong decline. In the stated case, the price could drop toward the $25,500 support in the coming sessions.

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 below the 50 level.

Major Support Levels – $26,550, followed by $26,500.

Major Resistance Levels – $27,200, $27,400, and $27,500.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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