- Bitcoin is gaining bearish momentum below the $25,500 support.
- The price is trading below $25,500 and the 100-hour Simple Moving Average.
- An important ascending channel around $25,800 was broken on the hourly chart of the BTC/USD pair.
Bitcoin price failed to initiate a new rally above $26,000 and the decline deepened. Critical levels to watch in Bitcoin!
Bitcoin Price Failed to Initiate a New Rally
The price of Bitcoin failed to initiate a new rally above the $26,200 resistance zone. BTC couldn’t stay in a positive zone after the Fed’s interest rate decision and fell below the $25,500 support.
The price dropped below the $25,400 support to a new weekly low. Additionally, an important ascending channel around $25,800 was broken on the BTC/USD hourly chart. The price moved below the $25,000 support zone.
A dip level formed around $24,818, and the price is currently consolidating the losses. Currently, after the process from the peak of $26,063 to the drop of $24,818, the price is trading near the 23.6% Fibonacci retracement level of the last decline.
The price of Bitcoin is currently trading below $25,500 and the 100-hour Simple Moving Average. The immediate resistance level is around $25,200.
BTC/USD 1 Hour Price Chart
The first significant resistance level is around $25,500. This level is close to the 50% Fibonacci retracement level of the drop from the peak of $26,063 to the drop of $24,818. A clear break above the $25,500 resistance could initiate a new rally. The next significant resistance level is around $26,000, and bulls could push BTC towards the $26,500 resistance zone.
Could BTC Fall Further?
If the price of Bitcoin fails to surpass the $25,500 resistance, it could continue its downward movement. The first support on the downside is around the $24,800 level and the recent low level.
The next significant support level is around $24,500, and the price could gain bearish momentum below this level. In this case, the price could drop towards the $24,000 support in the near term.
Technical indicators:
- Hourly MACD – MACD is currently gaining momentum in the bearish market.
- Hourly RSI (Relative Strength Index) – RSI for BTC/USD is below the 50 level.
- Main Support Levels – $24,800, followed by $24,500.
- Main Resistance Levels – $25,200, $25,500, and $26,000.
