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.

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.