Bitcoin Price Takes Hit – Upsides Turn Attractive To Sellers

2023-06-01 03:15:45

Bitcoin price started a fresh decline below the $27,500 support. BTC is now showing a lot of bearish signs below the $27,400 pivot level.

Bitcoin started a fresh decline and tumbled below the key $27,500 support zone.
The price is trading below $27,550 and the 100 hourly Simple moving average.
There is a major bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct higher, but upsides might be limited above the $27,500 resistance.

Bitcoin Price Drops Again

Bitcoin price failed to start a fresh increase above the $28,000 resistance zone. BTC started a fresh decline and traded below the key $27,500 support zone.

There was a clear move below the $27,400 level and the 100 hourly Simple moving average. The price even dived below the $27,000 level and traded close to the $26,500 support. A low is formed near $26,571 and the price is now consolidating losses.

Bitcoin price is trading below $27,550 and the 100 hourly Simple moving average. There is also a major bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $26,920 level. It is close to the 50% Fib retracement level of the recent decline from the $27,287 swing high to the $26,571 low. The next major resistance is near the $27,100 level.

The stated resistance is near the 76.4% Fib retracement level of the recent decline from the $27,287 swing high to the $26,571 low. The main resistance is near the $27,500 level.

Source: BTCUSD on TradingView.com

An upside break and close above $27,500 could start a steady increase toward $28,000. If the bulls manage to clear the $28,000 resistance zone might send the price toward the $28,500 resistance zone.

More Losses in BTC?

If Bitcoin’s price fails to clear the $27,100 resistance, it could continue to move down. Immediate support on the downside is near the $26,550 level.

The next major support is near the $26,500 zone, below which the price might gain bearish momentum. In the stated case, the price could drop toward the $26,000 support.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.

Major Support Levels – $26,550, followed by $26,500.

Major Resistance Levels – $27,100, $27,400, and $27,500.

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