2023-05-12 20:00:55
BTC Analysis
Bitcoin price continues to fall, dragging the broader crypto market down with it. BTC is down 4.52% in the last 24 hours
If Bitcoin’s price fails to clear the $27,500 resistance, it could continue to move down. Immediate support on the downside is near the $26,750 level.
The next major support is near the $26,500 zone, below which the price might gain bearish momentum. In the stated case, it could revisit the $26,000 level. Any more losses might take Bitcoin toward the $25,000 level 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 below the 50 level.
Major Support Levels – $26,750, followed by $26,000.
Major Resistance Levels – $27,000, $27,350, and $27,800.
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