Bitcoin price tested the $25,350 zone and is currently recovering. BTC must clear the $26,200 resistance to start a decent increase in the near term.
A low was formed near $25,333 and the price is now attempting a recovery wave. There was a minor increase above the $25,800 resistance. The price climbed above the 23.6% Fib retracement level of the downward move from the $28,150 swing high to the $25,333 low.
Besides, there was a break above a major bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair. However, Bitcoin is still trading below $26,200 and the 100 hourly Simple moving average.
The main resistance is now forming near the $27,000 level. A clear move above the $27,000 level might send the price toward $27,500. The next major resistance is near $28,000, above which there could be a decent upward move. In the stated case, the price could test the $28,800 level.
If Bitcoin fails to clear the $26,200 resistance, it could start another decline. Immediate support on the downside is near the $25,650 level.
The next major support is near the $25,350 level. A downside break below the $25,350 level might send the price further lower. In the stated case, the price could drop toward $24,800.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $25,650, followed by $25,350.
Major Resistance Levels – $26,200, $26,750, and $27,000.
