Bitcoin Price Continues Decline, Faces Risk of Further Losses
The price of Bitcoin has started a fresh decline, breaking below the key $25,500 support level.
The price of BITCOIN has started a fresh decline, breaking below the key $25,500 support level. As a result, Bitcoin faces the possibility of more losses, potentially dropping towards the important $24,000 support zone.
Despite attempting to surpass the $26,200 resistance zone, Bitcoin failed to sustain a positive momentum following the Federal Reserve’s interest rate decision. The price subsequently dropped below the $25,500 support level.
The decline continued as BITCOIN broke below the $25,400 support and a crucial rising channel on the hourly chart. It also breached the $25,000 support zone, reaching a new weekly low at around $24,818. Currently, the price is consolidating losses near the 23.6% Fibonacci retracement level.
BITCOIN is now trading below $25,500 and the 100 hourly Simple Moving Average, with immediate resistance near the $25,200 level. To initiate a fresh increase, Bitcoin must clear the $25,500 resistance, which could pave the way for further gains towards the $26,000 and $26,500 resistance levels.
However, if the price fails to break above $25,500, it may continue its downward trajectory. Immediate support is seen near the recent low of $24,800, followed by a major support level around $24,500. A break below this level could lead to bearish momentum and a potential drop towards the $24,000 support zone.
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