Bitcoin Price Defies Gravity But Here Is Why It Could Decline Again

Jun 9, 2023 04:00 am Cryptocurrency 96

Bitcoin price is consolidating above the $26,000 support. BTC could start another decline if it stays below $27,400 for a long time.

Bitcoin is struggling to gain pace for a move above the $27,400 resistance.

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

There was a break above a declining channel with resistance near $26,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could decline again if there is a move below the $26,000 support zone.

Bitcoin Price Faces Resistance

Bitcoin price remained stable above the $26,000 level. BTC traded as low as $26,139 and recently started an upside correction. It was able to climb above the $26,250 level.

There was a move above the 23.6% Fib retracement level of the downward move from the $27,387 swing high to the $26,139 low. Besides, there was a break above a declining channel with resistance near $26,420 on the ..

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