Bitcoin price has started a new decline below the $25,500 support. BTC is now at risk of further losses towards the $24,000 support zone.
- Bitcoin is gaining bearish momentum below the $25,500 support.
- The price is trading below $25,500 and the 100 hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), the pair has broken below the major ascending channel with support near $25,800.
- The pair can rise further, but the upside could be limited above $25,500.
Bitcoin price decline widens
Bitcoin price failed to initiate a new rally above the $26,200 resistance zone. After the Fed rate decision, BTC failed to sustain positive territory and broke below the $25,500 support.
The price broke below the $25,400 support and made new weekly lows. Furthermore, the hourly chart of the BTC/USD pair broke below the major ascending channel with support near $25,800. There was a move below the $25,000 support zone.
A low was formed near $24,818 and the price is now consolidating losses. It is trading around the 23.6% Fib retracement level of the recent decline from swing highs of $26,063 to lows of $24,818.
Bitcoin price is currently trading below $25,500 and the 100 hour simple moving average. The immediate resistance is near the $25,200 levels.
sauce: BTCUSD on TradingView.com
The first major resistance is near the $25,500 levels. This is close to the 50% Fib retracement level of the recent decline from swing highs of $26,063 to lows of $24,818. A clear break above the $25,500 resistance could start a new rally. The next major resistance is around the $26,000 level, and the bulls may send BTC towards his $26,500 resistance zone once this level is crossed.
Further loss of BTC?
If the price of Bitcoin fails to break out of the $25,500 resistance, it could fall further. The immediate support for the downside is at the $24,800 levels and near the recent lows.
The next major support is near the $24,500 levels, below which the price could gain bearish momentum. In the case above, the price could fall towards his $24,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is currently picking up pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
Major Support Level – $24,800, then $24,500.
Key resistance levels – $25,200, $25,500, $26,000.