Bitcoin Price Could See Downside Thrust Before The Bulls Take A Stand

2023-09-05 03:49:58

Bitcoin price is struggling to recover above $26,200. BTC is again moving lower and there could be a sharp decline below $25,500 in the near term.

Bitcoin failed to recover above the $26,200 and $26,500 levels.
The price is trading below $26,000 and the 100 hourly Simple moving average.
There is a major bearish trend line forming with resistance near $25,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate lower below the $25,500 and $25,400 levels in the near term.

Bitcoin Price Resumes Slide

Bitcoin price attempted a recovery wave from the $25,350 zone. However, BTC struggled to recover above the $26,200 pivot level and remained in a bearish zone.

The price is again moving lower and trading below the $26,000 level. There are a lot of bearish signs emerging below $26,000 and the 100 hourly Simple moving average. Besides, there is a major bearish trend line forming with resistance near $25,650 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $25,650 level and the trend line. The first major resistance is near the $26,000 level or the 23.6% Fib retracement level of the downward move from the $28,150 swing high to the $25,332 low.

Source: BTCUSD on TradingView.com

The next major resistance is now near the $26,200 level. A clear move above the $26,200 level might start a decent recovery wave toward $26,500. The next major resistance is near $27,000, above which there could be a decent increase. In the stated case, the price could test the $27,800 level.

More Losses In BTC?

If Bitcoin fails to clear the $26,000 resistance, it could continue to move down. Immediate support on the downside is near the $25,350 level.

The next major support is near the $25,000 level. A downside break below the $25,000 level might send the price further lower. In the stated case, the price could drop toward $24,500.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $25,350, followed by $25,000.

Major Resistance Levels – $25,650, $26,000, and $26,200.

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