Features of Bitcoin Value Momentum is currently bearish.

Bitcoin's value did not break through the $30,000 barrier. As a result, the bears took control and pushed the price below the crucial $29,500 and $28,500 support levels.

It caused a significant drop below the $28,000 level. The price fell nearly 10% and even broke the $26,500 support level. A new multi-week low has been formed near $25,571, and the price is still displaying numerous bearish indicators.

Bitcoin is now effectively buying and selling below the $28,500 level and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a key bearish pattern line is forming with resistance near $27,200. On the upside, a direct resistance is close to the $26,200 level.

It is close to the 23.6 percent Fib retracement level of the most recent decline from the $28,307 swing high to the $25,571 low. The main resistance is near the $27,200 level and the bearish pattern line.

The 50% Fib retracement level of the most recent decline from the $28,307 swing high to the $25,571 low may be close to the pattern line resistance. The primary resistance level is close to $28,500. A transparent transfer above the $28,500 resistance level may ship the worth even higher.

Extra Bitcoin Losses?

If bitcoin fails to break through the $27,200 resistance level, it may begin to fall. A direct help on the draw back is close to the $25,500 mark.

The next main assist is close to the $25,000 mark. A drawback break under the $25,000 assist may send the worth even lower. In the aforementioned case, the value may fall into the $23,500 help zone in the near future.

Indicators of technical significance:

Hourly MACD – The MACD is now moving into the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD has reached oversold territory.

Main Aid Ranges – $25,500, followed by $25,000.

The main resistance levels are $26,200, $27,200, and $28,500.

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