Bitcoin price started falling again below the USD 25,500 support. BTC is now at risk of more losses towards the $24,000 support zone.
- Bitcoin is gaining bearish momentum below the USD 25,500 support.
- The price is trading below $25,500 and the 100 Simple hourly moving average.
- There was a break below a major ascending channel with support near USD 25,800 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair could correct higher, but gains could be limited above $25,500.
Bitcoin price extends decline
Bitcoin price failed to start another rise above the $26,200 resistance zone. BTC failed to stay in a positive zone after the Fed’s interest rate decision, falling below the USD 25,500 support.
The price fell below the USD 25,400 support to trade towards a new weekly low. Moreover, there was a break below a major ascending channel with support near USD 25,800 on the hourly chart of the BTC/USD pair. There was a move below the $25,000 support zone.
A low is forming near USD 24,818 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level from the recent drop from the $26,063 swing high to the $24,818 low.
Bitcoin price is now trading below USD 25,500 and the 100 Simple hourly moving average. Immediate resistance is near the $25,200 level.
Source: BTCUSD at TradingView.com
The first major resistance is near the $25,500 level. It is close to the 50% Fib retracement level of the recent drop from the $26,063 swing high to the $24,818 low. A clear move above the $25,500 resistance could trigger another rise. The next major resistance is near the USD 26,000 level, above which the bulls could send BTC towards the USD 26,500 resistance zone.
Lose more in BTC?
If the price of Bitcoin fails to clear the $25,500 resistance, it could fall further. Immediate downside support is near the $24,800 level and the recent low.
The next key support is near the $24,500 level, below which the price could gain bearish momentum. In the said case, the price could fall towards the $24,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
Major Support Levels – $24,800, followed by $24,500.
Major resistance levels – $25,200, $25,500 and $26,000.
