Bitcoin Price Back To Square One, Why This Could Be A Bearish Signal

Sep 1, 2023 04:00 am Cryptocurrency 119

Bitcoin price trimmed all gains and tested the $25,650 zone. BTC is now at risk of a fresh decline toward the $24,500 level in the near term.

Bitcoin started a fresh decline below the $26,500 and $26,200 levels.

The price is trading below $26,600 and the 100 hourly Simple moving average.

There is a key bearish trend line forming with resistance near $26,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could extend its decline toward $24,500 in the coming sessions.

Bitcoin Price Starts Fresh Decline

Bitcoin price failed to climb again above the $27,000 resistance zone. BTC started a fresh decline and gained bearish momentum below the $26,500 level.

There was a clear move below the $26,200 level. The price even spiked below the $26,000 level. A low is formed near $25,663 and the price is now consolidating losses. Bitcoin is now trading below $26,600 and the bitcoin price square could bearish signal