As the death toll in Gaza rises and bombs rain down, the value of bitcoin falls

Bitcoin ‘s value has dropped below $27,200
and is continuing to fall. If the conflict between Israel and Hamas increases soon, it might have a negative impact on BTC.

Bitcoin's price has dropped below $27,500, signalling a pessimistic trend.

Both $27,500 and the 100 hourly Simple moving average have been broken by the current price.
On the hourly chart for BC/USD, important bearish trend line resistance is forming around $27,550.

In the immediate future, the pair may speed down below the $27,000 support.

Bitcoin's price was unable to break through $27,800 and continue its upward trend. As tensions between Israel and Hamas increased, BTC reacted negatively. Israel has confirmed around 1,200 fatalities.

Price action indicates a bearish continuation below the $27,500 pivot point. The uptrend from the $27,185 swing low to the $28,284 high was likewise retraced by 76.4% on the downside.

Moreover, the price moved lower below a crucial support area, $27,200.

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In recent trading, the price of bitcoin has dropped below $27,500 and the 100 hourly Simple moving average. On the hourly chart for BC/USD, there is a strong negative trend line forming with resistance near $27,550.

In the event of a market correction to the upside, sellers may emerge at the $27,400 level. The trend line and the $27,500 price point may be the next significant obstacle. Bitcoin may test $28,250 if it can break through the first big obstacle at $27,800.

The key resistance level for the decline may be $28,500. If prices manage to close over $28,500, we may see an uptick resume. In the scenario presented, the price may approach the $30.0 barrier.

More Bitcoin Losses?

More losses are possible if Bitcoin is unable to recover above the $27,500 barrier level. Near the $27,000 level, or the 1.236 Fibonacci extension of the upward run from the $27,185 swing low to the $28,284 high, we find first support on the downside.

The area around $26,500 is the next significant support. If the price drops below the $26,500 support and stays there for an extended period of time, it might drop much lower. $26,000 is the y next level of assistance.

Statistical measures:

The MACD hourly indicator is moving steadily down, indicating a negative trend.

The Relative Strength Index (RSI) during the past hour BC/USD's relative strength index (RSI) has fallen below 50.

The $27,000 and $26,500 support levels are the primary ones.

Significant Barriers at $27,400, $27,500, and $28,500.
Disclaimer: Includes third-party opinions. No financial advice.