If Bitcoin Cannot Hold on to This Support, the Decline May Continue! BTC Analysis

  • On the 2-hour chart of Bitcoin, it is observed that the price has ended yesterday’s downward movement and moved to sideways movements.
  • The near support of BTC is at the level of $25,200 and the downward trend may continue below this level.
  • If Bitcoin manages to hold above the level of $25,370, it can move towards the resistance zone of $26,400.

Although the price of Bitcoin has experienced fluctuations recently, according to the current analysis, it follows a stable course between certain support and resistance levels. Investors should be careful to closely monitor the price movement.

Medium-Term Bitcoin Price Analysis

Daily BTC/USD Price Chart

Daily BTC/USD Price Chart

When the daily price chart of Bitcoin is examined, it is seen that the important support zone of $26,350 was broken sharply and a drop to the levels of $25,378 was experienced.

The announcement of SEC’s lawsuit against Binance with the news that emerged yesterday caused Bitcoin to experience a sharp drop. Currently, the price of Bitcoin is moving at levels of $25,775.

When the current technical chart of Bitcoin is examined, it is seen that there is a weekly and daily support zone between $25,200 and $24,600.

Bitcoin price may continue the downward movement if it closes daily candles below the level of $24,600.

However, if Bitcoin manages to stay above the support zone of $25,200 – $24,600 mentioned in the analysis, it can start a rising trend up to the levels of $29,000.

Short-Term Bitcoin Price Analysis

2-Hour BTC/USD Price Chart

2-Hour BTC/USD Price Chart

When the 2-hour price chart of Bitcoin is examined, it is seen that it continues its sideways movements in the region where it ended its sharp downward movement yesterday.

BTC price may fall back to the levels of $25,370, which was the bottom point yesterday. However, if Bitcoin does not close hourly candles below the level of $25,370, it may want to move towards the resistance zone of $26,400 from this region.

The nearest support of Bitcoin is at the level of $25,200. BTC can start an upward movement after touching the level of $25,250.

However, if Bitcoin closes hourly candles below the level of $25,200, it may tend to continue the downward movement.

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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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