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Bitcoin

Bitcoin Investors Beware: Price Drops Below Support as $25K Target Looms!

June 6, 2023 - Around 2 mins mins to read

Key Points:

  • Bitcoin fails to increase above $27,000 resistance and starts a fresh decline below $26,500 support and 100 hourly SMA.
  • Price consolidates below $26,500 and 100 hourly SMA, facing resistance near $25,900 level.
  • An upside break and close above $26,700 could start a decent increase toward $27,200 resistance zone.
Bitcoin price has recently failed to start a fresh increase above the $27,000 resistance, which has become a major concern for investors.
Bitcoin Investors Beware Price Drops Below Support as 25K Target Looms 2

As a result, BTC has started a fresh decline below the $26,500 support and the 100 hourly Simple moving average. This has led to a 5% drop in price, and the currency has even retested the $25,400 support zone.

image 381

Currently, Bitcoin is consolidating below $26,500 and the 100 hourly Simple moving average, which is causing unease among investors. Moreover, there is also a connecting bearish trend line forming with resistance near $26,100 on the hourly chart of the BTC/USD pair, which suggests that the price may continue to face obstacles in the short term.

Furthermore, Bitcoin is now facing resistance near the $25,900 level, which is a key level to watch out for. It is near the 23.6% Fib retracement level of the recent drop from the $27,489 swing high to the $25,400 low. This makes it an important level to consider as it may provide some indication of the currency’s future trajectory.

Bitcoin Investors Beware Price Drops Below Support as 25K Target Looms 4

The next major resistance is near the $26,100 level and the trend line. If Bitcoin manages to surpass this level, it might be able to start a decent increase toward $26,500, which is the 50% Fib retracement level of the recent drop from the $27,489 swing high to the $25,400 low. This level is also a major resistance level, and any movement above it could potentially trigger a bullish trend.

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. In fact, any more gains above the $27,200 resistance zone might send the price toward the $27,500 resistance zone, which is a significant potential upside for investors.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

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Bitcoin Investors Beware

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Bitcoin, Analysis

Bitcoin Investors Beware: Price Drops Below Support as $25K Target Looms!

Key Points:

  • Bitcoin fails to increase above $27,000 resistance and starts a fresh decline below $26,500 support and 100 hourly SMA.
  • Price consolidates below $26,500 and 100 hourly SMA, facing resistance near $25,900 level.
  • An upside break and close above $26,700 could start a decent increase toward $27,200 resistance zone.
Bitcoin price has recently failed to start a fresh increase above the $27,000 resistance, which has become a major concern for investors.
Bitcoin Investors Beware Price Drops Below Support as 25K Target Looms 2

As a result, BTC has started a fresh decline below the $26,500 support and the 100 hourly Simple moving average. This has led to a 5% drop in price, and the currency has even retested the $25,400 support zone.

image 381

Currently, Bitcoin is consolidating below $26,500 and the 100 hourly Simple moving average, which is causing unease among investors. Moreover, there is also a connecting bearish trend line forming with resistance near $26,100 on the hourly chart of the BTC/USD pair, which suggests that the price may continue to face obstacles in the short term.

Furthermore, Bitcoin is now facing resistance near the $25,900 level, which is a key level to watch out for. It is near the 23.6% Fib retracement level of the recent drop from the $27,489 swing high to the $25,400 low. This makes it an important level to consider as it may provide some indication of the currency’s future trajectory.

Bitcoin Investors Beware Price Drops Below Support as 25K Target Looms 4

The next major resistance is near the $26,100 level and the trend line. If Bitcoin manages to surpass this level, it might be able to start a decent increase toward $26,500, which is the 50% Fib retracement level of the recent drop from the $27,489 swing high to the $25,400 low. This level is also a major resistance level, and any movement above it could potentially trigger a bullish trend.

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. In fact, any more gains above the $27,200 resistance zone might send the price toward the $27,500 resistance zone, which is a significant potential upside for investors.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

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