• Bitcoin price started a fresh decline below the $28,500 support zone.
• BTC/USD failed to gain strength and reacted to the downside from the $29,847 high.
• If the bulls remain active above $27,150, Bitcoin’s price might increase.
Bitcoin Price Breakdown
Bitcoin price has started a fresh decline below the $28,500 support zone as it failed to gain strength at the key resistance of $30,000. The bears pushed the price below the key contracting triangle with support near $28,600 on the 4-hour chart. As a result of this breakdown in Bitcoin’s price, altcoins such as Ethereum, BNB, and MATIC have also seen a drop in value.
Key Support Levels
On the downside, Bitcoin’s first major support is near the $27,700 level. The next key support sits near the $27,150 level which coincides with a 1.236 Fib extension level of its upward move from the swing low at $27692 to its high of $2984 7 . A close below this major support could initiate a major decline towards its next key target at around $26200 or even lower at about$25000 in coming days.
If however bulls manage to remain active above the major support of $27150 , there are chances for Bitcoin’s price to increase . Immediate resistance is seen near at around$28200 followed by another resistance at around$ 28750 and 50 simple moving average(4 hours , blue) . A close above this point would send bitcoin’s price toward its main hurdle at 30 000 ,above which bulls may possibly aim for 31 200 .
Overall analysis shows that bitcoin is clearing signaling more losses under 27 750 but could find buyers near 27 150 .If it stays above 27 150 there can be decent recovery wave but if not then it could drop towards 26 200 or even 25 000 in upcoming days .
In conclusion , despite showing signs of further losses under 27 750 , bitcoin can still find some buying interest near 27 150 if it manages to stay above that mark . However if it fails then there are possibilities for significant drops till 25 000 or lower in coming days .