Bitcoin Price Analysis: BTC Could Extend Losses Below $27,000

Bitcoin price is declining below $29,500 against the US Dollar. BTC might extend losses if it stays below the $30,000 resistance zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline from the $30,000 resistance zone. A high was formed near $29,969 before the price started a steady decline. There was a clear move below the $29,500 and $29,200 support levels.

The bears even pushed the price below the $28,000 support zone and the 55 simple moving average (4 hours). The price traded as low as $27,664 and is currently correcting losses. There was a correction above the 23.6% Fib retracement level of the downward move from the $29,969 swing high to the $27,664 low.

However, it is still trading below $29,500 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $28,820 level. It is near the 50% Fib retracement level of the downward move from the $29,969 swing high to the $27,664 low.

There is also a key bearish trend line forming with resistance near $29,200 on the 4-hour chart of the BTC/USD pair. The next major resistance might be near the $29,500 zone.

A clear move above the $29,500 level might send the price toward $30,000, above which the price might rise toward the $32,000 level. Any more gains might push the price toward the $32,500 zone.

If there is no upside break, the price might decline below the $28,000 level. The first major support is near $27,650. The next key support is near the $27,000 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $26,000 level. Any more losses might send the price toward the $25,000 level.

Bitcoin Price

Looking at the chart, Bitcoin price is clearly trading below $29,000 and the 55 simple moving average (4 hours). Overall, the price could extend its decline toward the $27,000 and $26,000 levels.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $27,660 and $27,000.

Key Resistance Levels – $28,820, $29,200, and $30,000.

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