Bitcoin price decline could kickstart a bearish trend
Bitcoin fell below $24,500 on Tuesday before reaching above $25,000 the day before. Several claims of the extended bullish trend have vanished; on the contrary, analysts fear that the downfall may lead to a string of price declines. Bitcoin recovered 17% over the past month after a 50% price slump earlier this year. Newsbtc reports that the BTC might experience a short-term plunge if it stays below the 100 hourly SMA. The present support levels are $23,780 and $23,500. The crypto market once again showcased its volatile nature, with its largest currency leading from the front.
Bitcoin’s short-term fate remains under speculation
Bitcoin failed to break the $25,000 resistance level. Newsbtc reports a break below a key bullish graph line; the support lies near the $24,300 mark. BTC is trading below the $24,500 mark and the 100 hourly SMA. The reports show a new low at $23,789. However, the currency experienced a minor shift above 23.6%. The present fib retracement level of the current downfall lies within the $25,200 and $24,789 range. Bitcoin might end a bullish trend if prices rise above $24,500, leading to the above $25,000 mark. However, the coin’s fate is uncertain and can take any course.
Bitcoin can go both ways
Failure to break the $24,500 resistance zone will boost the bearish trend, and we might see the price decrease. However, a break above the $25,000 mark might indicate the $25,800 mark. An immediate support level on the downward graph lies at $23,780, with the next major support at $23,500. A break below the major support level will likely trigger a steep decline towards the $22,750 mark. The hourly MACD has started to vanish from the bullish zone.