Bitcoin Price Nosedives Below Support As Bears Target $25K

2023-06-06 03:30:26

Bitcoin price is down 5% and trading below the $26,000 level. BTC is now at risk of a move toward the $25,000 support in the near term.

Bitcoin started a sharp decline below the $27,000 level.
The price is trading below $26,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance near $26,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct higher but upsides might be limited above $26,200 and $26,400.

Bitcoin Price Takes Hit

Bitcoin price failed to start a fresh increase above the $27,000 resistance. BTC started a fresh decline below the $26,500 support and the 100 hourly Simple moving average.

The price is down 5% and there was a move below the $26,000 support. It even retested the $25,400 support zone. It is now consolidating below $26,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance near $26,100 on the hourly chart of the BTC/USD pair.

Bitcoin is now facing resistance near the $25,900 level. It is near the 23.6% Fib retracement level of the recent drop from the $27,489 swing high to the $25,400 low.

The next major resistance is near the $26,100 level and the trend line. The main resistance sits near the $26,500 level or the 50% Fib retracement level of the recent drop from the $27,489 swing high to the $25,400 low, above which the price might start a decent increase.

Source: BTCUSD on TradingView.com

The next key resistance is near the $26,700 level. An upside break and close above $26,700 could start a decent increase toward $27,200. Any more gains above the $27,200 resistance zone might send the price toward the $27,500 resistance zone.

More Losses in BTC?

If Bitcoin’s price fails to clear the $26,100 resistance, it could continue to move down. Immediate support on the downside is near the $25,400 level.

The next major support is near the $25,000 zone, below which the price might accelerate lower. In the stated case, the price could drop toward the $24,500 support in the coming sessions.

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 – $25,400, followed by $25,000.

Major Resistance Levels – $26,000, $26,100, and $26,500.

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