Key Takeaways:
- Bitcoin price started a fresh decline from $27,500 and the 50-day simple moving average (blue).
- BTC/USD follows a major bearish trend line with resistance near $26,700 daily.
- The price could decline heavily if there is a daily close below the $25,000 support.
NEW DELHI (CoinChapter.com) — Bitcoin shows bearish signs below $27,500. BTC/USD could attempt another recovery wave unless there is a clear move below $25,000.
Bitcoin Price Faces Uphill Task
Earlier this month, Bitcoin’s price declined below the $26,400 support. The BTC/USD pair declined below the $25,500 support, but the bulls were active near $25,000.
A low was formed near $24,917, with a fresh increase. The price climbed above $26,500, but again, the price faced rejection near the 50-day simple moving average (blue). It failed to clear the $27,500 resistance.
More importantly, Bitcoin price is following a major bearish trend line with resistance near $26,700 on the daily chart. It is now trading below the $26,500 level and testing the 50% Fib retracement level of the upward move from the $24,917 swing low to the $27,508 high.
If there is a recovery wave, BTC might face resistance near the trend line at $26,700. The next key resistance is near the 50-day simple moving average (blue) at $26,800.
The main downtrend resistance seems to be forming near $27,200 and $27,500. A successful daily close above the $27,500 resistance could initiate a steady increase. The price could drift toward the $28,800 level in the stated case. Any more gains might push the price toward the $30,000 resistance zone.
Downside Break in BTC?
Conversely, Bitcoin could continue to move down. Immediate support is near the $25,500 level. It is close to the 76.4% Fib retracement level of the upward move from the $24,917 swing low to the $27,508 high.
The main breakdown support is now forming near the $25,000 level.
A close below the $25,000 support might spark another nasty decline. The price may decline toward the $24,200 level in the stated case. The next key support is near the $23,200 level. Any more losses could open the doors for a move toward the $22,000 level in the coming days.
Overall, Bitcoin price is struggling below $26,800 and $27,500. To start a recovery, it must clear $26,800 and then challenge $27,500. Conversely, the price could decline heavily below the $25,000 support.
The post Bitcoin Price Prediction: Downtrend Intact On Daily Chart, $25K Holds The Key appeared first on CoinChapter.
