Bitcoin’s price is struggling to recover above the $26,650 resistance and may start to decline if it stays below this level. The cryptocurrency is currently trading below $26,650 and the 100 hourly Simple moving average. A major bearish trend line is also forming with resistance near $26,640 on the hourly chart of the BTC/USD pair. However, if there is a clear move above the $26,650 resistance, the pair could recover and head towards some key resistance levels, including $27,550 and $28,000. On the other hand, failure to clear the $26,650 resistance could lead to a fresh decline, with support levels at $26,200 and $26,000.
This article originally appeared on www.newsbtc.com
The cryptocurrency market has been in a state of uncertainty and volatility in recent times, with Bitcoin (BTC) struggling to recover from its recent lows. The world’s largest digital currency has been trading at around $32,500 as of July 7, 2021, down from a high of over $64,000 in April.
Many factors have contributed to Bitcoin’s decline, including increased regulatory scrutiny and crackdowns on mining operations in China. Additionally, renewed concerns over energy consumption and environmental impact of crypto mining have also influenced investor sentiment negatively.
Bitcoin also faced market corrections in May and June, with its price dropping by around 50% from its all-time high in less than two months. The volatile market conditions have made it difficult for traders and investors to predict the short-term direction of Bitcoin’s price.
At the same time, the overall cryptocurrency market has also been affected by the ongoing COVID-19 pandemic and its impact on global markets. The economic uncertainty caused by the pandemic has led many investors to question the long-term viability of cryptocurrency investments, further contributing to price volatility.
Despite these challenges, there are still many supporters of Bitcoin and other cryptocurrencies who believe in their potential as a store of value and a medium of exchange. The crypto market has evolved significantly over the past decade, and it is expected to continue maturing and growing in the coming years.
However, in the short term, Bitcoin’s price struggle seems to persist, and it remains vulnerable to fresh decline due to the various factors mentioned above. As always, it’s essential for investors to do their research and consider their risk tolerance before making any cryptocurrency investments.