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Bitcoin is Trading at Critical Levels: Support and Resistance Levels to Watch

  • 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

Bitcoin (BTC) (29)

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

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.
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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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