Bitcoin price is struggling to rise above the $27,800 resistance zone. BTC could extend its decline if there is a clear move below the $27,200 support zone.
Bitcoin is struggling to start a fresh increase above the $27,800 resistance zone.
The price is trading below $27,700 and the 100 hourly Simple moving average.
There was a break below a key rising channel with support near $27,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another decline if there is a close below the $27,200 support.
Bitcoin Price Faces Uphill Task
Bitcoin price attempted a fresh increase from the $27,200 support zone after a downside correction. BTC managed to recover above the $27,500 resistance zone.
The price climbed above the 50% Fib retracement level of the downward move from the $28,565 swing high to the $27,189 low. However, the bears remained active near the $28,000 resistance zone. The price struggled to settle above the $27,850 level.
Bitcoin got rejected near the 61.8% Fib retracement level of the downward move from the $28,565 swing high to the $27,189 low. It saw a fresh decline below $27,500.
Besides, there was a break below a key rising channel with support near $27,650 on the hourly chart of the BTC/USD pair. The bulls are now protecting the $27,200 support zone. It is trading below $27,700 and the 100 hourly Simple moving average.
Immediate resistance on the upside is near the $27,650 level. The next key resistance could be near the $28,000 level. A close above the $28,000 resistance could start another increase. In the stated case, the price could rise toward the $28,500 resistance. Any more gains might call for a move toward the $29,200 level.