Bitcoin Price Correction Expected Before Surging to $28K, Analysts Predict

Bitcoin Price Correction: BTC Could Drop to $26,800 Before Bulls Take Over

Bitcoin Price Starts Downside Correction

Bitcoin price recently experienced a decent increase above the $27,000 resistance zone, reaching as high as $28,150. However, the bears have now taken control, leading to a downside correction.

  • Bitcoin started a downside correction from the $28,150 resistance zone.
  • The price is trading above $26,600 and the 100 hourly Simple moving average.
  • There is a declining channel forming with resistance near $27,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend its decline toward $26,800 before it attempts a fresh increase.

What's Key Support In BTC?

If Bitcoin fails to clear the $27,400 resistance, it could continue to move down. Immediate support on the downside is near the $27,000 level.

The next major support is near the $26,800 level or the 61.8% Fib retracement level of the key increase from the $25,928 swing low to the $28,150 high. A downside break below the $26,700 level might put a lot of pressure on the bulls. In the stated case, the price could drop toward $26,000.

Technical Indicators

  • Hourly MACD – The MACD is now losing pace in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Conclusion

The current correction in Bitcoin's price suggests a potential drop to the $26,800 level before the bulls regain control. Traders should closely monitor the $27,400 resistance level as a break above it could lead to a sustained increase. On the other hand, a break below $26,700 could put significant pressure on the bulls and push the price further down towards $26,000.

https://market-news24.com/crypto/bitcoin-price-correction-expected-before-surging-to-28k-analysts-predict/?feed_id=41953&_unique_id=64f06163c3a3b

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