Bitcoin Price Relatively Muted, What Are Chances of Recovery?

Aug 28, 2023 04:00 am Cryptocurrency 107

Bitcoin price is stuck in a tiny range above the $25,900 support. BTC could start a decent increase if there is a close above $26,200 and then $26,500.

Bitcoin is struggling to clear the $26,500 resistance zone.

The price is trading below $26,200 and the 100 hourly Simple moving average.

There is a connecting bearish trend line forming with resistance near $26,070 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could attempt a fresh increase if it clears $26,150 and $26,200.

Bitcoin Price Eyes Fresh Increase

Bitcoin price tried to settle above the $26,500 resistance level. However, BTC failed to stay above $26,500 and started a fresh decline.

There was a move below the $26,250 pivot level. The price declined below the 50% Fib retracement level of the upward move from the $25,360 swing low to the $26,780 high. It seems like the price is now stuck in a tiny range above the $25,900 support z ..

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