Bitcoin price is consolidating above the $25,500 support. BTC could start a fresh increase if it moves above the 100 hourly SMA and USD 26,150.
- Bitcoin is slowly moving up from the $25,500 support zone.
- The price is trading below $26,000 and the 100 Simple hourly moving average.
- There was a break above a major bearish trendline with resistance near USD 25,900 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair could start a recovery wave if there is a move above the USD 26,150 resistance.
Bitcoin Price Eyes recovery
Bitcoin price formed a base above the $25,400 support zone. BTC is now consolidating and it is slowly moving above the USD 25,650 level, but it faces many hurdles.
The bulls were able to push the price above the 50% Fib retracement level from the recent drop from the $26,200 swing high to the $25,620 low. In addition, there was a break above a major bearish trendline with resistance near USD 25,900 on the hourly chart of the BTC/USD pair.
Bitcoin price is now testing $26,000 and the 100 simple hourly moving average. It appears to be meeting resistance near the $26,000 zone or the 61.8% Fib retracement level from the recent drop from the $26,200 swing high to the $25,620 low.
The first major resistance is near the $26,150 level. A clear move above the $26,150 resistance could trigger another rise. The next major resistance is near the $26,500 level. A close above USD 26,500 might start a move towards the USD 26,500 resistance zone.
Source: BTCUSD at TradingView.com
The next key resistance is near the USD 26,800 level, above which Bitcoin could rise towards the USD 27,000 resistance. More gains above the $27,000 resistance zone could push the price towards the $27,500 resistance zone.
Another rejection in BTC?
If the price of Bitcoin fails to clear the $26,150 resistance, it could trigger another decline. Immediate support on the downside is near the $25,575 level.
The next key support is near the $25,400 level, below which the price could gain bearish momentum. In the said case, the price could fall towards the $25,000 support 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 – $25,575 followed by $25,500.
Major resistance levels – $26,000, $26,150 and $26,500.