Bitcoin Price Could See Recovery If It Holds This Key Support

Bitcoin price is consolidating above the $26,000 support. BTC could start a recovery wave if it clears the $26,500 resistance zone in the near term.

Bitcoin is still consolidating above the $26,000 support zone.

The price is trading below $26,400 and the 100 hourly Simple moving average.

There is a major bearish trend line forming with resistance near $26,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a decent recovery wave unless there is a clear move below $26,000.

Bitcoin Price Eyes Recovery

Bitcoin price remained stable above the $26,000 support zone. BTC seems to be forming a short-term support base above the $26,000 level and is currently consolidating.

Recently, the price made a recovery wave attempt above the $26,200 level. However, the bears remained active below the $26,500 level. They rejected the 50% Fib retracement level of the downward move from the $26,712 swing high to the $26,026 low.

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