Bitcoin Price Consolidates Losses and At Risk of Fresh Decline To $25K

Aug 21, 2023 04:00 am Cryptocurrency 198

Bitcoin price is consolidating losses below the $26,500 level. BTC is showing bearish signs and remains at risk of a fresh decline toward $25,000.

Bitcoin is struggling to recover above the $26,600 resistance zone.

The price is trading below $26,500 and the 100 hourly Simple moving average.

There is a short-term bullish trend line forming with support near $26,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move down and trade below the $26,000 support.

Bitcoin Price Turns Red

Bitcoin price started a recovery wave from the $24,800 support zone. BTC managed to recover above the $25,000 and $25,500 resistance levels.

There was a move above the 23.6% Fib retracement level of the downward move from the $29,180 swing high to the $24,800 low. However, the price is facing a lot of hurdles on the upside near $26,600. It is still trading below $26,500 and the 100 hourly Simple moving average.
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