Bitcoin Price Below $27,000: What's Next?
Date: 2023-10-12 Author: Dima Zakharov Categories: BUSINESS
Bearish Trendlines Forming
Two bearish trendlines have emerged, with resistance levels around $26,950 and $27,400. In the short term, the pair could continue its descent to the support level at $26,000.
Bitcoin Price Unable to Break $27,000 Barrier
Attempts to initiate a recovery above the $27,500 resistance have proven futile for Bitcoin's price. BTC has maintained a bearish position and failed to breach the $27,000 mark.
The price dropped below $26,870, testing the support level at $26,500. Before attempting another recovery, it formed a minimum around $26,551. Despite a minor uptick above $26,800, the price still faces numerous obstacles.
Resistance Ahead
The 100-hour simple moving average provides additional resistance. The nearest resistance lies near the $26,950 level and the first trendline. This level closely corresponds to the 23.6% Fibonacci retracement level from the peak at $28,284 to the low at $26,551. The next significant resistance may be found near the $27,400 level and the second trendline.
Potential for Further Losses
The inability to achieve a recovery beyond the $27,000 resistance could lead to additional losses for Bitcoin. Initial support on the downside is near the $26,650 level.
The next substantial support is located around $26,500. A breakthrough and close below the $26,500 support could result in further downward price movement, with the next support zone at the $26,000 level.
