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Bitcoin Price Struggles to Recover Amidst Numerous Challenges on Its Path

Bitcoin, Challenges, Numerous, Path, Price, Recover, Struggles

Bitcoin Price Shows Signs of Recovery, Struggles to Clear Resistance

Bitcoin Price Avoids Downside Break

Bitcoin price managed to stay above the $25,350 support zone. BTC bulls protected a major downside break and pushed the price above the $25,850 resistance.

There was a move above the $26,000 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $25,940 on the hourly chart of the BTC/USD pair. The pair even climbed toward the $26,500 resistance zone where the bears appeared.

A high is formed near $26,487 and the price is now consolidating gains. It traded below the 23.6% Fib retracement level of the recent increase from the $25,609 swing low to the $26,487 high.

Bitcoin is now trading well above $26,000 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $26,400 level. The first major resistance is near the $26,500 level. A proper close above the $26,500 level might start a decent increase.

Are Dips Now Limited In BTC?

If Bitcoin fails to clear the $26,500 resistance, it could start a downside correction. Immediate support on the downside is near the $26,100 level.

The next major support is near the $26,000 level or the 50% Fib retracement level of the recent increase from the $25,609 swing low to the $26,487 high. A downside break and close below the $26,000 level might increase selling pressure. In the stated case, the price could drop toward $25,500 or even $25,350.

Technical Indicators:

  • Hourly MACD – The MACD is now losing pace in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels:

  • $26,100, followed by $26,000.

Major Resistance Levels:

  • $26,400, $26,500, and $27,000.

Source: BTCUSD on

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