Bitcoin Price Prints Bearish Technical Pattern, Why It Could Drop To $24K

2023-09-12 03:17:17

Bitcoin price broke the key $25,350 support. BTC is now consolidating near $25,000 and remains at a risk of more downsides in the near term.

Bitcoin traded below the $25,600 and $25,350 support levels.
The price is trading below $25,600 and the 100 hourly Simple moving average.
There is a major bearish trend line forming with resistance near $25,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move down if it stays below the $25,600 resistance.

Bitcoin Price Breaks Key Support

Bitcoin price failed to start a recovery wave and extended its decline below the $25,600 support. BTC even broke the $25,350 support and moved into a bearish zone.

The price even spiked below the $25,000 level. A low is formed near $24,925 and the price is now consolidating losses. Bitcoin is now trading below $25,600 and the 100 hourly Simple moving average. Besides, there is a major bearish trend line forming with resistance near $25,620 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $25,200 level. It is near the 23.6% Fib retracement level of the downward move from the $26,040 swing high to the $24,925 low.

The first major resistance is near the $25,600 level or the trend line. The trend line is near the 61.8% Fib retracement level of the downward move from the $26,040 swing high to the $24,925 low. The next key resistance is near $26,000.

Source: BTCUSD on TradingView.com

A proper close above the $26,000 level might start a decent increase. The next major resistance is near $26,200, above which the bulls could gain strength. In the stated case, the price could test the $26,500 level.

More Losses In BTC?

If Bitcoin fails to recover the $25,600 resistance, it could continue to move down. Immediate support on the downside is near the $25,000 level.

The next major support is near the $24,800 level. A downside break and close below the $24,800 level might call for more downsides. In the stated case, the price could drop toward $24,500 or even $24,000.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $25,000, followed by $24,800.

Major Resistance Levels – $25,200, $25,600, and $26,000.

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