{"id":29465,"date":"2023-09-12T02:52:38","date_gmt":"2023-09-12T06:52:38","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=29465"},"modified":"2023-09-12T02:52:38","modified_gmt":"2023-09-12T06:52:38","slug":"bitcoin-price-prints-bearish-technical-pattern-why-it-could-drop-to-24k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/12\/bitcoin-price-prints-bearish-technical-pattern-why-it-could-drop-to-24k\/","title":{"rendered":"Bitcoin Price Prints Bearish Technical Pattern, Why It Could Drop To $24K"},"content":{"rendered":"

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.<\/em><\/p>\n

Bitcoin traded below the $25,600 and $25,350 support levels.
\nThe price is trading below $25,600 and the 100 hourly Simple moving average.
\nThere 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).
\nThe pair could continue to move down if it stays below the $25,600 resistance.<\/p>\n

Bitcoin Price Breaks Key Support<\/h2>\n

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

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<\/a>. Besides, there is a major bearish trend line forming with resistance near $25,620 on the hourly chart of the BTC\/USD pair.<\/p>\n

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.<\/p>\n

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.<\/p>\n\n

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

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.<\/p>\n

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

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.<\/p>\n

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.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $25,000, followed by $24,800.<\/p>\n

Major Resistance Levels \u2013 $25,200, $25,600, and $26,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

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.<\/em><\/p>\n

Bitcoin traded below the $25,600 and $25,350 support levels.
\nThe price is trading below $25,600 and the 100 hourly Simple moving average.
\nThere 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).
\nThe pair could continue to move down if it stays below the $25,600 resistance.<\/p>\n

Bitcoin Price Breaks Key Support<\/h2>\n

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

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<\/a>. Besides, there is a major bearish trend line forming with resistance near $25,620 on the hourly chart of the BTC\/USD pair.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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

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.<\/p>\n

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

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.<\/p>\n

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.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $25,000, followed by $24,800.<\/p>\n

Major Resistance Levels \u2013 $25,200, $25,600, and $26,000.<\/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-29465","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\/29465","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=29465"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29465\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29465"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}