Bitcoin Price Drops to Multi-Week Lows Below $25,000
Bitcoin (BTC/USD) saw a decline in its price as it reached its lowest level since mid-June. The drop came after the activation of sell orders below the $25,106.61 area. The bears were able to push BTC/USD as low as the $24,947 area after a failed test around $26,014.63. The price objective below $25,128.94 was also achieved, indicating downward pressure around $30,421.29. If the price breaks below $25,462.40, it would increase bearish pressure as it corresponds to significant selling pressure around $28,184.89.
There are additional price objectives below the market, including $24,511, $24,339, $24,155, $23,164, $22,949, $21,496, and $20,702. Technical support can be found at the $15,460 and $19,568.52 levels. Traders are observing that the 4-hourly and hourly moving averages are bearishly indicating a downward trend.
The nearest technical support is expected around $24,440.41, $23,270.10, and $22,769.39, with stops expected below these levels. Technical resistance is expected around $31,986.16, $32,989.19, and $34,658.69, with stops expected above.
On the 4-hourly chart, the SlowK is bearishly below SlowD, while the MACD is bearishly below MACDAverage. On the 60-minute chart, the SlowK is bearishly below SlowD, and the MACD is bearishly below MACDAverage.
Hot Take: Bitcoin Price Analysis
Bitcoin’s price has dropped to multi-week lows below $25,000, reaching its weakest level since mid-June. The decline came after sell orders were activated, pushing the price down. If the price breaks below $25,462.40, it would increase the bearish pressure. Traders are closely watching the moving averages, which are indicating a downward trend. The nearest support levels are at $24,440.41, $23,270.10, and $22,769.39, while resistance levels are at $31,986.16, $32,989.19, and $34,658.69. Overall, the market sentiment remains bearish, and it is crucial to monitor further price movements to determine the future direction of Bitcoin.
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