Bitcoin Price Falls Below Key Support Levels
The price of Bitcoin has continued to decline, breaking below the important support levels of $25,600 and $25,350. This downward movement has placed Bitcoin in a bearish zone.
Bitcoin is currently trading below $25,600 and the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, there is a significant bearish trend line forming with resistance near $25,620.
There is immediate resistance at the $25,200 level, which is near the 23.6% Fibonacci retracement level. The first major resistance is at $25,600, followed by the trend line. The next key resistance level is around $26,000.
If Bitcoin fails to recover and surpass the $25,600 resistance, it may continue to move downwards. Immediate support is expected near the $25,000 level, with the next major support at $24,800. Breaking below this level could lead to further losses, potentially reaching $24,500 or even $24,000.
More Potential Losses for Bitcoin?
If Bitcoin fails to bounce back and break above the $25,600 resistance, there is a possibility of further downward movement. The hourly MACD indicator shows a bearish trend, while the Relative Strength Index (RSI) for BTC/USD is below the 50 level.
Key support levels to watch include $25,000 and $24,800, while major resistance levels are at $25,200, $25,600, and $26,000.
Source: BTCUSD on TradingView.com
Hot Take: Bitcoin Price Struggles to Recover Amidst Bearish Trend
The price of Bitcoin continues to face challenges as it fails to recover and break above key resistance levels. The recent decline has pushed Bitcoin into a bearish zone, with the price trading below the $25,600 support and the 100-hourly Simple Moving Average.
With a major bearish trend line forming and resistance near $25,620, the chances of a sustained recovery appear to be slim. Immediate support is expected at $25,000, and a break below $24,800 could trigger further losses.
Technical indicators, such as the MACD and RSI, suggest a negative outlook for Bitcoin. As the cryptocurrency market continues to navigate this bearish trend, it remains to be seen whether Bitcoin will be able to regain upward momentum and surpass the resistance levels at $25,600 and $26,000.
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