Bitcoin price forecast: BTC fails to break $27,500 support
Bitcoin price forecast: BTC fails to break $27,500 support
The cryptocurrency market ended trading in the red on Thursday as investors assessed the implications of Federal Reserve Chairman Jerome Powell's hawkish comments about maintaining tight financial conditions and high interest rates for an extended period of time.
The price of Bitcoin fell to around $26,600, down 1.5% in the last 24 hours.
Currently, Bitcoin has begun a correction as it failed to break through the $27,500 resistance level and is trading at $26,673.
The hourly chart of the BTC/USD pair shows a break below the major bullish trend line, with support at $26,800. The pair retested the support level at $26,350.
If Bitcoin continues to trend higher, the next resistance will be near the $26,800 level, and if it is breached, it will meet more serious resistance around the $27,000 level. At the same time, if BTC can break above key resistance at $27,500, it could continue to move towards $28,800.
If Bitcoin fails to break above the $27,000 resistance level, it will continue to move lower and find support near the $26,350 level. The next support is near the $26,200 point, a break of which will trigger a new bearish trend.
Further reading: What prospects await XRP in the long run?
