FX.co ★ Bitcoin: bearish bias intact

Bitcoin is trading in the red at 26,016 at the time of writing. The downside pressure remains high, so more declines are natural. After the last sell-off, temporary rebounds are natural. Still, the bias remains bearish, so more declines are natural.

In the last 24 hours, BTC/USD is down by 1.75% and by 2.14% in the last 7 days. Bitcoin's deeper drop should force the altcoins to drop as well.

BTC/USD Range Formation!

From the technical point of view, the price failed to stabilize above the descending pitchfork's median line (ML) signaling strong downside pressure.

In the short term, it's trapped between 26,813 and 25,601 levels. As you already know from my previous analyses, the bias remains bearish as long as it stays below the median line (ML).

BTC/USD Outlook!

Dropping and closing below 25,601 announces more declines. This is seen as a selling opportunity.