TA: Bitcoin Price Resumes Decline, Why BTC Remains At Risk

May 27, 2022 04:00 am Cryptocurrency 133

Bitcoin spiked below the key $28,500 support zone against the US Dollar. BTC is declining and might continue to move down towards the $27,500 support.

Bitcoin is moving lower and facing a major resistance near the $29,600 zone.

The price is now trading below the $29,000 level and the 100 hourly simple moving average.

There is a major bearish trend line forming with resistance near $29,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move down if it settles below the $28,500 support.

Bitcoin Price Faces Selling Pressure

Bitcoin price remained below the key $30,000 resistance zone. BTC started a fresh decline and there was a sharp move below the $28,500 support zone.

The bears pushed the price below the $28,000 level. The price even tested the $27,500 support and a low is formed near $27,505. However, there was a strong recovery and the price climbed above $28,500. The bulls pushed the price above $29,000, but they struggled near $29,600.

There is also a major ..

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