Bitcoin fell to $ 25,000; Risk of falling to lower levels
Bitcoin, which has lost significant support over the past three days, fell briefly below $ 25,000 a few hours ago. The magnitude of the fall of Bitcoin in the last 24 hours is about 8%, and it is possible that the support of $ 25,000 will be completely lost in the future.
To Report News Bitcoin, Bitcoin’s inability to cross the $ 30,000 resistance in the previous days, caused the price of Bitcoin to continue to fall below the $ 29,500 and $ 28,500 support.
The break in this key support further led to a 10% drop in bitcoin below the $ 28,000 level, followed by the loss of $ 26,500. Over the past few weeks, the price has now formed somewhere near $ 25,500 and there are still signs of a decline on the chart.
Bitcoin is now fluctuating far from the simple 100-hour moving average (SMA 100 – red line in the picture), the $ 28,500 resistance and the downtrend line on the chart. If the price returns above current levels, the nearest resistance level will be $ 26,200; The resistance is near the 23.6% Fibonacci retracement level. In this analysis, Fibonacci levels are adjusted based on the downward movement of the price from $ 28,307 to the bottom of $ 25,571. The first major price resistance is near $ 27,200.
The 50% Fibonacci retracement level and the downtrend resistance on the chart are on almost one area ($ 27,000), followed by the $ 28,500 resistance. A full break above the $ 28,500 resistance could ease traders’ minds from continuing the uptrend.
Conversely, if Bitcoin fails to return above the $ 27,200 level, the downtrend is likely to continue. Bitcoin is currently hovering near the $ 25,500 support, and if it moves away from this level, the next support will be at $ 25,000.
Breaking the $ 25,000 support could lower the price to $ 23,500 in the short term.
The MACD is currently in a downtrend and the Relative Strength Index (RSI) is in the sell-off.
As mentioned, $ 25,000 is the key support for Bitcoin, and $ 26,200, $ 27,200 and $ 28,500 also act as price resistance.