The important $25,350 support level for Bitcoin was broken. BTC is currently stabilizing near $25,000 and yet faces the threat of more declines in the near future.
- The support levels of $25,600 and $25,350 were broken by Bitcoin.
- The price is trading below both the 100-hour simple moving average and the $25,600 mark.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a significant bearish trend line forming with resistance close to $25,620.
- If the pair stays below the $25,600 resistance, it may continue to decline.
Bitcoin Price Breaks Key Support
The price of bitcoin failed to initiate a wave of recovery and continued to fall below the $25,600 level. Even worse, BTC broke through the $25,350 support level and entered a negative area.
Even below the $25,000 mark, the price skyrocketed. Near $24,925, a low has developed, and the price is currently consolidating its losses. The 100-hour simple moving average and $25,600 are currently below the price of one bitcoin. On the hourly chart of the BTC/USD pair, a significant negative trend line with resistance near $25,620 is also developing.
The $25,200 level is close to where there is immediate upward resistance. It is close to the 23.6% Fib retracement level of the decline from the swing high of $26,040 to the low of $24,925.
The trend line, or the $25,600 mark, serves as the first significant obstacle. The trend line is close to the 61.8% Fib retracement level of the decline from the swing high of $26,040 to the low of $24,925. $26,000 is the next significant barrier.
A proper close above $26,000 might signal the beginning of a respectable climb. Near $26,200 is the next significant resistance; if it is broken, the bullish trend may strengthen. In the hypothetical scenario, the price might test the $26,500 mark.
More Losses In BTC?
Bitcoin might keep falling if it is unable to overcome the $25,600 resistance. On the downside, there is immediate support close to the $25,000 mark.
Near the $24,800 mark, there is the next significant level of support. A break and closing below the $24,800 barrier on the downside could signal further declines. In the described scenario, the cost might decrease to $24,500 or perhaps $24,000.