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Bitcoin Technical Analysis! This Critical Level Could Continue the Decline in Altcoins.

  • The short-term price chart of Bitcoin shows horizontal movements in the support zone.
  • If the BTC price closes below the $25,400 level on an hourly basis, it may continue its downward movement.
  • On an hourly time frame, if the BTC price manages to hold above the $25,400 level, it may rise to the range of $26,000 to $26,200.

When examining Bitcoin’s current technical chart, it is observed that horizontal movements continue and the price is trying to hold at certain levels. However, it may be challenging to determine a clear direction without crossing certain support and resistance levels.

Medium-Term Bitcoin Price Analysis

12 Hour BTC/USD Price Chart

12 Hour BTC/USD Price Chart

When examining Bitcoin’s medium-term price chart, it is seen that it started its downward movement from the resistance level mentioned in the analysis yesterday and reached our target, providing a 5% return to our readers.

Click Here to See Our Bitcoin Analysis Shared Yesterday.

When examining Bitcoin’s current technical chart, it is observed that it has returned to the lower region of the triangle formation.

BTC price may continue its downward movement to the weekly support levels of $24,600 to $25,200 if it falls below the red formation support mentioned in the analysis.

If the BTC price cannot hold onto the $24,600 support, it may continue its downward movement to the $23,600 levels.

It is important for the BTC price to reverse from the range of $24,600 to $25,200; otherwise, a significant downward movement may be observed in altcoins.

If the BTC price closes below the $24,600 level, the downward trend in altcoins may continue by 15%.

Short-Term Price Analysis

1 Hour BTC/USD Price Chart

1 Hour BTC/USD Price Chart

When examining Bitcoin’s short-term price chart, it is observed that it performs horizontal movements in the support zone. This support zone previously initiated a rise to the $27,200 levels.

If the BTC price closes below the $25,400 level on an hourly basis, it may want to continue its downward movement.

However, on an hourly time frame, if the BTC price manages to hold above the $25,400 level, it may continue its upward movement to the range of $26,000 to $26,200.

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Crypto Vira
Crypto Virahttps://coinotag.com/
Alican is a young and dynamic individual at the age of 23, with a deep interest in space exploration, Elon Musk, and following in the footsteps of Atatürk. Alican is an expert in cryptocurrency, price action, and technical analysis. He has a passion for sharing his knowledge and experience through writing and aims to make a positive impact in the world of finance.
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