Bitcoin price is still consolidating above $25,500. BTC might attempt an upside correction, but upsides might be limited above the $26,200 resistance.
As a result, there was a fresh bearish reaction and the price declined below the $25,650 level. The bulls managed to protect the $25,350 support and the price climbed back above $25,500. It is now trading below $26,000 and the 100 hourly Simple moving average.
The first major resistance is near the $26,200 level. A proper close above the $26,200 level might start an upside correction toward $26,750. It is close to the 50% Fib retracement level of the key drop from the $28,150 swing high to the $25,333 low.
The next major resistance is near $27,000, above which the bulls attempt a steady increase. In the stated case, the price could test the $28,000 level.
If Bitcoin fails to clear the $26,000 resistance, it could continue to move down. Immediate support on the downside is near the $25,500 level.
The next major support is near the $25,350 level. A downside break and close below the $25,350 level might increase selling pressure. In the stated case, the price could drop toward $24,500 or even $24,000.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $25,500, followed by $25,350.
Major Resistance Levels – $25,950, $26,000, and $26,200.