Bitcoin Price Nears Make-or-Breaks Levels, Can Bulls Save The Month?
Key Takeaways:
Bitcoin price is struggling below the 50-day simple moving average (blue).
BTC/USD is following a major declining channel with resistance near $27,250 on the daily chart.
The price could decline heavily if there is a close below the $25,000 support.
NEW DELHI (CoinChapter.com) — Bitcoin price is showing bearish signs below $27,000. BTC/USD is approaching a crucial break and might tumble below $25,000.
Bitcoin Price At Crucial Juncture
In the past few days, Bitcoin price started a fresh decline below the $28,000 level. The BTC/USD pair even broke the $27,500 support to move into a bearish zone.
The Bulls made a couple of attempts to reclaim the $28,000 pivot zone but failed. The recent SEC lawsuit also sparked bearish moves and stalled a fresh increase. The price now trades below the 50-day simple moving average (blue).
The price is now struggling to stay above the $25,250 and $25,000 support levels. The bulls are fighting near the 50% Fib retracement level of the upward move from the $19,592 swing low to the $30,968 high.
Besides, Bitcoin follows a major declining channel with resistance near $27,250 on the daily chart. Initial support on the downside is near the $25,250 level.
The next major support is near the $25,000 level. A daily close below the $25,000 support zone could start a major decline. The next key support is near the $24,000 level or the 61.8% Fib retracement level of the upward move from the $19,592 swing low to the $30,968 high.
Any more losses could trigger a sharp decline toward $22,250. In the stated case, there is also a risk of a move toward the $20,500 support in the coming weeks.
Fresh Increase?
If the bulls can protect the $25,000 support, Bitcoin price might start attempting a fresh increase. An Immediate hurdle is near the $27,000 level. The next key resistance is near the $27,250 zone and the channel trend line.
If there is a clear move above the $27,250 level and the 50-day simple moving average (blue), the price could rise toward the $28,250 resistance. Any more gains might push the price toward the $30,000 resistance zone.
Overall, Bitcoin price is struggling to reclaim the 50-day simple moving average (blue). If BTC climbs above $27,250, a sustained move could be toward the $30,000 resistance. Conversely, the price might soon collapse below the $25,000 and $24,000 support levels.
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Filed under: Bitcoin - @ June 12, 2023 11:19 am