Bitcoin price has extended its decline below the $28,000 support zone and is currently trading below $28,000 and the 100 hourly Simple Moving Average. However, it has found support near the $27,200 level and has started to consolidate losses. The immediate resistance is near the $28,000 level, and a close above it and the 100 hourly SMA could start a decent increase towards the $28,500 and $28,800 levels. On the downside, immediate support is near the $27,400 level, followed by the $27,200 zone. A downside break below the $27,200 support might push the price towards the $26,800 support, while a move above $28,800 resistance could call for a decent increase. Technical indicators suggest that the MACD is losing pace in the bearish zone, while the RSI for BTC/USD is now above the 50 level. (newsbtc)
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