Bitcoin price breaks below support as bears aim $25,000

Bitcoin price is down 5% and it is below the $26,000 level. There is now a risk of BTC approaching the $25,000 support level in the near term.

• Bitcoin started a sharp decline below $27,000.
• The price is below $26,500 and the 100 hourly simple moving average.
• There is a connecting bearish trend line forming with resistance near $26,100 on the hourly chart of the BTC/USD pair (data feed by Kraken).
• The pair might correct higher but upside potential might be limited above $26,200 and $26,400.

Bitcoin price is hit

Bitcoin price failed to start a fresh increase above the $27,000 resistance. BTC started a fresh decline below the $26,500 support and the 100 hourly simple moving average.

The price is down 5% and there was a move below the $26,000 support. It even retested the $25,400 support zone. It is now consolidating below $26,500 and the 100 hourly simple moving average. There is also a connecting bearish trend line forming with resistance near $26,100 on the hourly chart of the BTC/USD pair.

Bitcoin is now facing resistance near the $25,900 level. It is near the 23.6% Fib retracement level of the recent drop from the $27,489 swing high to the $25,400 low.

The next major resistance is near $26,100 and the trend line. The main resistance is near $26,500 or the 50% Fib retracement level of the recent decline from the $27,489 swing high to the $25,400 low, above which the price could start a decent run up.

Source: BTCUSD on TradingView.com

The next key resistance is near the $26,700 level. A break to the upside and a close above $26,700 could trigger a decent rally towards $27,200. Any further rise above the $27,200 resistance zone could propel the price towards the $27,500 resistance zone.

More BTC losses?

If bitcoin price fails to clear the $26,100 resistance, it might fall further. Immediate support on the downside is near $25,400.

The next major support is near the $25,000 zone, below which the price may accelerate lower. In the mentioned case, the price could drop towards the $24,500 support in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.

Major support levels – $25,400 followed by $25,000.

Major resistance levels – $26,000, $26,100 and $26,500.

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