Bitcoin broke the key $28,500 support zone against the US Dollar. BTC is down 10% and might even decline below the $25,000 support zone. Bitcoin extended its decline below the $28,500 and $26,500 support levels. The price is now trading below the $28,500 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $27,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down below the $25,000 support zone in the near term. Bitcoin Price Gains Bearish Momentum Bitcoin price failed to clear the $30,000 resistance zone. As a result, the bears took over and pushed the price below the key $29,500 and $28,500 support levels. It sparked a major decline below the $28,000 level. The price declined nearly 10% and even broke the $26,500 support level. A new multi-week low is formed near $25,571 and the price is still showing a lot of bearish signs. Bitcoin is now trading well below the $28,500 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $27,200 on the hourly chart of the BTC/USD pair. An immediate resistance on the upside is near the $26,200 level. It is near the 23.6% Fib retracement level of the recent decline from the $28,307 swing high to $25,571 low. The first major resistance is near the $27,200 level and the bearish trend line. Source: BTCUSD on TradingView.com The 50% Fib retracement level of the recent decline from the $28,307 swing high to $25,571 low is also near the trend line resistance. The main resistance is near the $28,500 level. A clear move above the $28,500 resistance level could send the price further higher. More Losses in BTC? If bitcoin fails to clear the $27,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $25,500 level. The next major support is near the $25,000 level. A downside break below the $25,000 support could send the price further lower. In the stated case, the price could drop towards the $23,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the oversold area. Major Support Levels – $25,500, followed by $25,000. Major Resistance Levels – $26,200, $27,200 and $28,500.
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