Bitcoin price is consolidating losses below the $26,500 level. BTC is showing bearish signs and remains at risk of a fresh decline toward $25,000.
- Bitcoin is struggling to recover above the $26,600 resistance zone.
- The price is trading below $26,500 and the 100 hourly Simple moving average.
- There is a short-term bullish trend line forming with support near $26,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down and trade below the $26,000 support.
Bitcoin Price Turns Red
Bitcoin price started a recovery wave from the $24,800 support zone. BTC managed to recover above the $25,000 and $25,500 resistance levels.
There was a move above the 23.6% Fib retracement level of the downward move from the $29,180 swing high to the $24,800 low. However, the price is facing a lot of hurdles on the upside near $26,600. It is still trading below $26,500 and the 100 hourly Simple moving average.Immediate resistance is near the $26,400 level. The next major resistance is near $26,500 and the 100 hourly Simple moving average. A clear move above the 100 hourly Simple moving average could start a recovery wave toward the $27,000 resistance.