{"id":25036,"date":"2023-06-06T03:57:16","date_gmt":"2023-06-06T07:57:16","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=25036"},"modified":"2023-06-06T03:57:16","modified_gmt":"2023-06-06T07:57:16","slug":"bitcoin-price-nosedives-below-support-as-bears-target-25k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/06\/bitcoin-price-nosedives-below-support-as-bears-target-25k\/","title":{"rendered":"Bitcoin Price Nosedives Below Support As Bears Target $25K"},"content":{"rendered":"

Bitcoin price is down 5% and trading below the $26,000 level. BTC is now at risk of a move toward the $25,000 support in the near term.<\/em><\/p>\n

Bitcoin started a sharp decline below the $27,000 level.
\nThe price is trading below $26,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $26,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct higher but upsides might be limited above $26,200 and $26,400.<\/p>\n

Bitcoin Price Takes Hit<\/h2>\n

Bitcoin price failed to start a fresh increase above the $27,000 resistance<\/a>. BTC started a fresh decline below the $26,500 support and the 100 hourly Simple moving average.<\/p>\n

The price is down 5% and there was a move below the $26,000 support. It even retested the $25,400 support zone. It is now consolidating below $26,500 and the 100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance near $26,100 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now facing resistance near the $25,900 level. It is near the 23.6% Fib retracement level of the recent drop from the $27,489 swing high to the $25,400 low.<\/p>\n

The next major resistance is near the $26,100 level and the trend line. The main resistance sits near the $26,500 level or the 50% Fib retracement level of the recent drop from the $27,489 swing high to the $25,400 low, above which the price might start a decent increase.<\/p>\n\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next key resistance is near the $26,700 level. An upside break and close above $26,700 could start a decent increase toward $27,200. Any more gains above the $27,200 resistance zone might send the price toward the $27,500 resistance zone.<\/p>\n

More Losses in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $26,100 resistance, it could continue to move down. Immediate support on the downside is near the $25,400 level.<\/p>\n

The next major support is near the $25,000 zone, below which the price might accelerate lower. In the stated case, the price could drop toward the $24,500 support in the coming sessions.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is below the 50 level.<\/p>\n

Major Support Levels \u2013 $25,400, followed by $25,000.<\/p>\n

Major Resistance Levels \u2013 $26,000, $26,100, and $26,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is down 5% and trading below the $26,000 level. BTC is now at risk of a move toward the $25,000 support in the near term.<\/em><\/p>\n

Bitcoin started a sharp decline below the $27,000 level.
\nThe price is trading below $26,500 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $26,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct higher but upsides might be limited above $26,200 and $26,400.<\/p>\n

Bitcoin Price Takes Hit<\/h2>\n

Bitcoin price failed to start a fresh increase above the $27,000 resistance<\/a>. BTC started a fresh decline below the $26,500 support and the 100 hourly Simple moving average.<\/p>\n

The price is down 5% and there was a move below the $26,000 support. It even retested the $25,400 support zone. It is now consolidating below $26,500 and the 100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance near $26,100 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now facing resistance near the $25,900 level. It is near the 23.6% Fib retracement level of the recent drop from the $27,489 swing high to the $25,400 low.<\/p>\n

The next major resistance is near the $26,100 level and the trend line. The main resistance sits near the $26,500 level or the 50% Fib retracement level of the recent drop from the $27,489 swing high to the $25,400 low, above which the price might start a decent increase.<\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next key resistance is near the $26,700 level. An upside break and close above $26,700 could start a decent increase toward $27,200. Any more gains above the $27,200 resistance zone might send the price toward the $27,500 resistance zone.<\/p>\n

More Losses in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $26,100 resistance, it could continue to move down. Immediate support on the downside is near the $25,400 level.<\/p>\n

The next major support is near the $25,000 zone, below which the price might accelerate lower. In the stated case, the price could drop toward the $24,500 support in the coming sessions.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is below the 50 level.<\/p>\n

Major Support Levels \u2013 $25,400, followed by $25,000.<\/p>\n

Major Resistance Levels \u2013 $26,000, $26,100, and $26,500.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-25036","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=25036"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25036\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25036"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}