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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
BTC
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Bitcoin Price Plunges Further Post Fed Decision, $24K Next?

Aayush Jindal by Aayush Jindal
3 months ago
in BTC
Reading Time: 2 mins read

Bitcoin price started a fresh decline below the $25,500 support. BTC is now at a risk of more losses toward the $24,000 support zone.

  • Bitcoin is gaining bearish momentum below the $25,500 support.
  • The price is trading below $25,500 and the 100 hourly Simple moving average.
  • There was a break below a key rising channel with support near $25,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct higher but upsides might be limited above $25,500.

Bitcoin Price Extends Decline

Bitcoin price failed to start a fresh increase above the $26,200 resistance zone. BTC failed to remain in a positive zone after the Fed interest rate decision and declined below the $25,500 support.

The price declined below the $25,400 support to trade to a new weekly low. Besides, there was a break below a key rising channel with support near $25,800 on the hourly chart of the BTC/USD pair.  There was a move below the $25,000 support zone.

A low is formed near $24,818 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $26,063 swing high to the $24,818 low.

Bitcoin price is now trading below $25,500 and the 100 hourly Simple moving average. Immediate resistance is near the $25,200 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first major resistance is near the $25,500 level. It is close to the 50% Fib retracement level of the recent decline from the $26,063 swing high to the $24,818 low. A clear move above the $25,500 resistance might start a fresh increase. The next major resistance is near the $26,000 level, above which the bulls might send BTC toward the $26,500 resistance zone.

More Losses in BTC?

If Bitcoin’s price fails to clear the $25,500 resistance, it could continue to move down. Immediate support on the downside is near the $24,800 level and the recent low.

The next major support is near the $24,500 level, below which the price might gain bearish momentum. In the stated case, the price could drop toward the $24,000 support in the near term.

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 – $24,800, followed by $24,500.

Major Resistance Levels – $25,200, $25,500, and $26,000.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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