{"id":154056,"date":"2023-09-12T08:26:19","date_gmt":"2023-09-12T02:56:19","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=154056"},"modified":"2023-09-12T08:26:19","modified_gmt":"2023-09-12T02:56:19","slug":"bitcoin-price-prints-bearish-technical-pattern-why-it-could-drop-to-24k-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-price-prints-bearish-technical-pattern-why-it-could-drop-to-24k-crypto-news\/","title":{"rendered":"Bitcoin Price Prints Bearish Technical Pattern, Why It Could Drop To $24K &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><em>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<ul>\n<li>Bitcoin traded below the $25,600 and $25,350 support levels.<\/li>\n<li>The price is trading below $25,600 and the 100 hourly Simple moving average.<\/li>\n<li>There 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).<\/li>\n<li>The pair could continue to move down if it stays below the $25,600 resistance.<\/li>\n<\/ul>\n<h2>Bitcoin Price Breaks Key Support<\/h2>\n<p>Bitcoin price failed to start a recovery wave and extended its decline below the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-bearish-break-risk-25350\/\">$25,600 support<\/a>. BTC even broke the $25,350 support and moved into a bearish zone.<\/p>\n<p>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 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-recovery-26000\/\">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<p>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<p>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<\/p>\n<p>Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">BTCUSD on TradingView.com<\/a><\/p>\n<p>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<h2>More Losses In BTC?<\/h2>\n<p>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<p>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<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $25,000, followed by $24,800.<\/p>\n<p>Major Resistance Levels \u2013 $25,200, $25,600, and $26,000.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>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. Bitcoin traded below the $25,600 and $25,350 support levels. The price is trading below $25,600 and the 100 hourly Simple moving average. There is a major bearish trend line forming [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":154057,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-154056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=154056"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154056\/revisions"}],"predecessor-version":[{"id":154058,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/154056\/revisions\/154058"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/154057"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=154056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=154056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=154056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}