Bitcoin price is moving lower below the $27,200 support. BTC could decline further if the Israel-Hamas war escalates in the near term.
- Bitcoin is moving lower and showing bearish signs below $27,500.
- The price is trading below $27,500 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $27,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate lower below the $27,000 support in the near term.
Bitcoin Price Starts Descend
Bitcoin price failed to gain pace above the $27,800 resistance. BTC reacted to the downside amid rising Israel-Hamas tensions. There were more than 1200 deaths reported already by Israel.
The price is moving lower below the $27,500 pivot level. There was also a downside break below the 76.4% Fib retracement level of the upward move from the $27,185 swing low to the $28,284 high. More importantly, the price traded below the key $27,200 support zone.
Bitcoin is now trading below $27,500 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $27,550 on the hourly chart of the BTC/USD pair.
If there is an upside correction, the price might face resistance near the $27,400 level. The next key resistance could be near the $27,500 level and the trend line. The first major resistance is $27,800, above which Bitcoin might test $28,250.
Source: BTCUSD on TradingView.com
The main downtrend resistance could be $28,500. A close above the $28,500 resistance could start another increase. In the stated case, the price could rise toward the $30,000 resistance.
More Losses In BTC?
If Bitcoin fails to recover higher above the $27,500 resistance, there could be more losses. Immediate support on the downside is near the $27,000 level or the 1.236 Fib extension level of the upward move from the $27,185 swing low to the $28,284 high.
The next major support is near the $26,500 level. A downside break and close below the $26,500 support might send the price further lower. The next support sits at $26,000.
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 – $27,000, followed by $26,500.
Major Resistance Levels – $27,400, $27,500, and $28,500.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-slides-bombs-gaza-israel/
- :is
- 000
- 1
- 100
- 200
- 250
- 400
- 50
- 500
- a
- above
- accelerate
- already
- also
- Amid
- an
- and
- Another
- AS
- At
- average
- BE
- bearish
- bearish signs
- below
- Bitcoin
- Bitcoin Price
- Break
- BTC
- BTC/USD
- by
- case
- Chart
- Close
- could
- data
- deaths
- Decline
- downside
- Ether (ETH)
- extension
- Face
- Failed
- fails
- First
- followed
- For
- from
- further
- Gain
- gaining
- High
- higher
- HTTPS
- if
- immediate
- importantly
- in
- Increase
- index
- Indicators
- Israel
- Key
- key resistance
- Kraken
- Level
- levels
- Line
- losses
- Low
- lower
- MACD
- Main
- major
- max-width
- might
- more
- move
- moving
- moving average
- Near
- NewsBTC
- next
- now
- of
- on
- or
- Pace
- pair
- Pivot
- plato
- Plato Data Intelligence
- PlatoData
- price
- RAIN
- Recover
- relative
- relative strength index
- Reported
- Resistance
- retracement
- Rise
- rising
- rsi
- send
- showing
- Signs
- Simple
- sits
- Slides
- start
- starts
- stated
- strength
- support
- support levels
- Swing
- tensions
- term
- test
- than
- The
- There.
- to
- toward
- traded
- Trading
- TradingView
- Trend
- Upside
- upward
- war
- was
- were
- which
- with
- zephyrnet