Bitcoin price broke the key support at USD 25,350. BTC is now consolidating near $25,000 and remains at risk of more downside in the near term.
- Bitcoin traded below the USD 25,600 and USD 25,350 support levels.
- The price is trading below $25,600 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance around $25,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline if it remains below the $25,600 resistance.
Bitcoin price breaks key support
Bitcoin price failed to initiate a recovery wave and extended the decline below the USD 25,600 support. BTC even broke the support at $25,350 and entered a bearish zone.
The price even spiked below the $25,000 level. A low is formed near USD 24,925 and the price is now consolidating losses. Bitcoin is now trading below $25,600 and the 100 hourly Simple Moving Average. Moreover, a major bearish trendline is forming with resistance around $25,620 on the hourly chart of the BTC/USD pair.
The immediate resistance on the upside is near the $25,200 level. It is close to the 23.6% Fib retracement level of the downward move from the $26,040 swing high to the $24,925 low.
The first major resistance is near the $25,600 level or trendline. The trendline is near the 61.8% Fib retracement level of the downward move from the $26,040 swing high to the $24,925 low. The next major resistance is near USD 26,000.
Source: BTCUSD on TradingView.com
A good close above the USD 26,000 level could trigger significant upside. The next major resistance is around $26,200, above which the bulls could gain strength. In the said case, the price could test the USD 26,500 level.
Lose more in BTC?
If Bitcoin fails to clear the resistance at $25,600, it could continue to decline. The immediate downside support is near the $25,000 level.
The next major support is near the $24,800 level. A downside break and a close below the $24,800 level could trigger more downsides. In the mentioned case, the price could drop to $24,500 or even $24,000.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 25,000, followed by USD 24,800.
Major resistance levels – $25,200, $25,600 and $26,000.