Bitcoin (BTC/USD) Slips to $25,000 – Can Double Bottom Drive Reversal?
Bitcoin has broken through the crucial $28,500 support level against the US dollar, and it's down 10% and may fall below the $25,000 support
Bitcoin has broken through the crucial $28,500 support level against the US dollar, and it’s down 10% and may fall below the $25,000 support level. BITCOIN has continued to fall below the $28,500 and $26,500 support levels. The price is currently trading below the $28,500 level and the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $27,200. The pair could continue to fall below the $25,000 support level in the short term.
Bitcoin Price is Gaining Bearish Momentum.
Bitcoin’s price failed to break through the $30,000 resistance level. As a result, the bears took control and pushed the price below the key support levels of $29,500 and $28,500. It precipitated a significant drop below the $28,000 level. The price fell nearly 10% and even breached the $26,500 support level. A new multi-week low has been formed near $25,571, and the price remains bearish.
Bitcoin currently trades significantly below the $28,500 mark and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $27,200. On the upside, immediate resistance is near the $26,200 level.
It is close to the 23.6 percent Fib retracement level of the recent decline from the swing high of $28,307 to the low of $25,571. The first significant resistance is located near the $27,200 level and the bearish trend line.
The trend line resistance is also near the 50 percent Fib retracement level of the recent decline from the $28,307 swing high to the $25,571 low. The main resistance is around $28,500. A clear break above the $28,500 resistance level could increase the price.
More Bitcoin Losses?
If Bitcoin fails to break through the $27,200 resistance level, it may continue to fall. On the downside, there is immediate support near the $25,500 level.
The next major support is around the $25,000 mark. A break below the $25,000 support level could lower the price. In the scenario above, the price could fall in the near term to the $23,500 support zone. Good luck!
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