#BTC

Bitcoin price is consolidating above the $26,550 level. BTC could correct higher, but upsides might be capped near the $27,400 and $27,500 resistance levels.

Bitcoin is finding bids near the $26,550 level.

The price is trading below $27,200 and the 100 hourly Simple moving average.

There is a key bearish trend line forming with resistance near $26,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could correct higher, but the bears might remain active near the $27,500 zone.

Bitcoin Price Holds Support

Bitcoin price started a fresh decline from the $27,500 resistance. BTC traded below the $27,000 level to enter a bearish zone. Finally, the bulls appeared above the $26,500 support.

The price remained well-bid near the $26,550 level. The bears made two attempts to push the price below $26,550, but they failed. A low is formed near $26,551 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $28,285 swing high to the $26,551 low.