Bitcoin price formed a trading range below the critical level of $28,000 as a result of its decline. Let’s take a look at the latest developments in the BTC/USD pair and important support and resistance levels.
Current Bitcoin technical analysis: What happens to the BTC price?
Bitcoin (BTC) price found resistance in the region very close to $31,000, and failed to break through, falling. The leading cryptocurrency, which also broke the $30,000 and $28,000 support zones, dropped to $27,137 yesterday. Thus, it took refuge in the critical support at $27,000. This critical level has overcome the selling pressure. Hence, it has established a support level here and exhibited some recovery attempt. However, it was stuck in a trading range here after not recovering much.
We see this on the daily chart of the BTC/USD pair. Bitcoin price formed a trading range between $27,000 and $28,500 in late March and early April. The leading cryptocurrency, which has seen resistance in the $31,000 region, is now back to this trading range with a sharp decline. It even shelters at $27,000, the lower end of this trading range. The 50 SMA line has also now come up to this area. Therefore, breaking this critical level could mean a big problem for Bitcoin.
Bitcoin price support and resistance levels
For bitcoin price support and resistance levels, let’s look at the BTC/USD 4-hours chart. In this graph, we see that. As a result of the decline that started from the $ 30,400 resistance, Bitcoin price broke many critical supports. The most important ones are $30,000 and $28,700. It is now trying to find support around the lower end of the critical trading range here. After finding support at $27,200, it recovered somewhat and faced resistance near $27,850 and is now falling back to support once again. So it created a new trading range here.
After the recent developments, the first support for Bitcoin price started to form around $27,200. Further below, the $26,800 support is an important level that has attracted attention in the last few months. This is also the lower limit of the trading range formed in the previous months. Ahead, it is now starting to see resistance near $27,850. Therefore, it oscillates in a narrow range here. The main resistance zone is at $28,700. The upper limit of the previous trading range on this chart.
In summary, Bitcoin price support and resistance levels are as follows:
- Support levels: $27,200 and $26,800
- Resistance levels: $27,850 and $28,700
BTC/USD technical indicators
The MACD from the technical indicator is in the slightly bullish zone. The RSI indicator is below the 40 level.
