Bitcoin price started a downside correction from the $28,500 resistance zone. BTC found support near $26,600 and is currently attempting a fresh increase.

Bitcoin price failed to clear the $28,500 resistance zone and reacted to the downside. The fed increased rates from 4.75% to 5%, which resulted in a bearish reaction. BTC declined below the $27,500 support zone.

Besides, there was a break below a key bullish trend line with support near $27,900 on the hourly chart of the BTC/USD pair. The pair even traded below the $27,000 level. A low is formed near $26,623 and the price is now correcting losses.

Bitcoin price climbed above the 23.6% Fib retracement level of the downward move from the $28,879 swing high to $26,623 low. It is still trading below $27,800 and the 100 hourly simple moving average.

On the upside, an immediate resistance is near the $27,750 level and trading below $27,800 and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the downward move from the $28,879 swing high to $26,623 low.

Source: BTCUSD on TradingView.com

The next major resistance is near the $28,000 zone. A close above the $28,000 resistance might start another major increase. In the stated case, the price could rise towards the $28,500 level. Any more gains might send the price towards the $28,850 resistance zone.

If bitcoin price fails to clear the $28,000 resistance, it could start anther decline. An immediate support on the downside is near the $27,000 zone.

The next major support is near the $26,600 zone. Any more losses might send the price towards the $26,000 support zone. The next major support is near the $25,200 level.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $27,000, followed by $26,600.

Major Resistance Levels – $27,750, $28,000 and $28,500.

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