Bitcoin Price Nosedives Below Support As Bears Target $25K

Bitcoin worth is down 5% and buying and selling beneath the $26,000 stage. BTC is now liable to a transfer towards the $25,000 assist within the close to time period.

• Bitcoin began a pointy decline beneath the $27,000 stage.
• The worth is buying and selling beneath $26,500 and the 100 hourly Easy shifting common.
• There’s a connecting bearish development line forming with resistance close to $26,100 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may appropriate larger however upsides could be restricted above $26,200 and $26,400.

Bitcoin Worth Takes Hit

Bitcoin worth failed to begin a recent improve above the $27,000 resistance. BTC began a recent decline beneath the $26,500 assist and the 100 hourly Easy shifting common.

The worth is down 5% and there was a transfer beneath the $26,000 assist. It even retested the $25,400 assist zone. It’s now consolidating beneath $26,500 and the 100 hourly Simple moving average. There may be additionally a connecting bearish development line forming with resistance close to $26,100 on the hourly chart of the BTC/USD pair.

Bitcoin is now going through resistance close to the $25,900 stage. It’s close to the 23.6% Fib retracement stage of the latest drop from the $27,489 swing excessive to the $25,400 low.

The subsequent main resistance is close to the $26,100 stage and the development line. The primary resistance sits close to the $26,500 stage or the 50% Fib retracement stage of the latest drop from the $27,489 swing excessive to the $25,400 low, above which the worth may begin an honest improve.

Supply: BTCUSD on TradingView.com

The subsequent key resistance is close to the $26,700 stage. An upside break and shut above $26,700 may begin an honest improve towards $27,200. Any extra features above the $27,200 resistance zone may ship the worth towards the $27,500 resistance zone.

Extra Losses in BTC?

If Bitcoin’s worth fails to clear the $26,100 resistance, it may proceed to maneuver down. Quick assist on the draw back is close to the $25,400 stage.

The subsequent main assist is close to the $25,000 zone, beneath which the worth may speed up decrease. Within the said case, the worth may drop towards the $24,500 assist within the coming classes.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is beneath the 50 stage.

Main Help Ranges – $25,400, adopted by $25,000.

Main Resistance Ranges – $26,000, $26,100, and $26,500.