Bitcoin Investors Beware: Price Drops Below Support as $25K Target Looms!
- Bitcoin fails to increase above $27,000 resistance and starts a fresh decline below $26,500 support and 100 hourly SMA.
- Price consolidates below $26,500 and 100 hourly SMA, facing resistance near $25,900 level.
- An upside break and close above $26,700 could start a decent increase toward $27,200 resistance zone.
Bitcoin price has recently failed to start a fresh increase above the $27,000 resistance, which has become a major concern for investors.
As a result, BTC has started a fresh decline below the $26,500 support and the 100 hourly Simple moving average. This has led to a 5% drop in price, and the currency has even retested the $25,400 support zone.
Currently, Bitcoin is consolidating below $26,500 and the 100 hourly Simple moving average, which is causing unease among investors. Moreover, there is also a connecting bearish trend line forming with resistance near $26,100 on the hourly chart of the BTC/USD pair, which suggests that the price may continue to face obstacles in the short term.
Furthermore, Bitcoin is now facing resistance near the $25,900 level, which is a key level to watch out for. It is near the 23.6% Fib retracement level of the recent drop from the $27,489 swing high to the $25,400 low. This makes it an important level to consider as it may provide some indication of the currency’s future trajectory.
The next major resistance is near the $26,100 level and the trend line. If Bitcoin manages to surpass this level, it might be able to start a decent increase toward $26,500, which is the 50% Fib retracement level of the recent drop from the $27,489 swing high to the $25,400 low. This level is also a major resistance level, and any movement above it could potentially trigger a bullish trend.
The next key resistance is near the $26,700 level. An upside break and close above $26,700 could start a decent increase toward $27,200. In fact, any more gains above the $27,200 resistance zone might send the price toward the $27,500 resistance zone, which is a significant potential upside for investors.
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