Bitcoin is facing resistance at the $28,200 level and is currently trading below $28,000 and the 100 hourly Simple moving average. A bearish trend line is forming with resistance near $28,000 on the hourly chart of the BTC/USD pair.
If Bitcoin fails to clear the $28,000 resistance, it could continue to move down towards the $27,000 support zone. However, a close above the $28,200 resistance could lead to a decent increase towards the $29,200 resistance. Technical indicators show that the MACD is losing pace in the bearish zone and the RSI for BTC/USD is below the 50 level.
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