Bitcoin Price Aims $26,200 But 100 SMA Hold The Key In Short-Term

2023-06-16 03:15:46

Bitcoin price is attempting a recovery wave above the $25,200 resistance. BTC must clear the 100 hourly SMA to continue higher in the near term.

Bitcoin is slowly recovering higher above the $25,200 support.
The price is trading below $25,750 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance near $25,680 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rise further if it clears $25,750 and the 100 hourly Simple moving average.

Bitcoin Price Attempts Recovery

Bitcoin price remained in a bearish zone below the $26,200 resistance zone. BTC extended its decline below the $25,500 support and even spiked below $25,000.

A low is formed near $24,751 and the price is now attempting a recovery wave. There was a clear move above the $25,000 and $25,200 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $26,062 swing high to the $24,751 low.

Bitcoin price is now trading below $25,750 and the 100 hourly Simple moving average. Besides, there is a key bearish trend line forming with resistance near $25,680 on the hourly chart of the BTC/USD pair.

The pair is now facing resistance near the trend line and the 100 hourly Simple moving average. It is close to the 61.8% Fib retracement level of the downward move from the $26,062 swing high to the $24,751 low. The next major resistance is near the $25,750 level.

Source: BTCUSD on TradingView.com

A clear move above the $25,750 resistance might start a fresh increase. The next major resistance is near the $26,200 level, above which the bulls might send BTC toward the $26,500 resistance zone.

Fresh Decline in BTC?

If Bitcoin’s price fails to clear the $25,750 resistance, it could start another decline. Immediate support on the downside is near the $25,200 level.

The next major support is near the $24,820 level, below which the price might start another major decline. In the stated case, the price could drop toward the $24,000 support in the near term.

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 above the 50 level.

Major Support Levels – $25,200, followed by $24,820.

Major Resistance Levels – $25,680, $25,750, and $26,200.

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