• Bitcoin price started a fresh decline below the $29,000 pivot level against the US Dollar.
• The bears pushed the price below the $28,000 support zone and the 55 simple moving average (4 hours).
• Bitcoin could extend its decline toward the $27,000 and $26,200 levels.
Bitcoin Price Analysis
Bitcoin price started a fresh decline below the $29,000 pivot level against the US Dollar. The bears pushed the price below the $28,000 support zone and the 55 simple moving average (4 hours). There was a break below a key bullish trend line with support at $28,400 on the 4-hour chart of BTC/USD pair. Bitcoin could extend its decline toward the $27,000 and $26,200 levels if it stays below resistance at $28,500.
Possible Bearish Scenario
The first major support is near $27,000. If there is no upside break above this resistance level then Bitcoin may extend losses towards next key support level of around 26.200$. Any more losses might send cryptocurrency’s price toward 25.500$ before hitting 25k mark.
If bulls manage to push Bitcoin back above resistance level of 28500$, it may start to rise towards 28150$ before pushing up to 29200$. Further gains may even push cryptocurrency’s prices back to 30000$ mark or higher in short term future .
The MACD is currently losing momentum in bearish zone while RSI is now falling beneath 50% mark which signals that further bearish pressure may hit market soon if no bullish breakthrough happens in near future .
Overall , we can conclude that bitcoin’s current situation does not look very promising for bulls as market seems to be heading downwards towards 27000$ and 26200$ levels from here . However , if bulls manage to take control over market again then prices may surge again towards 30000$ or higher in short term period .