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Monday, June 27, 2022
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    HomeMarketBitcoin Dives 10%, Why BTC Could Even Break $25K

    Bitcoin Dives 10%, Why BTC Could Even Break $25K

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    Bitcoin broke the important thing $28,500 assist zone in opposition to the US Greenback. BTC is down 10% and may even decline under the $25,000 assist zone.

    • Bitcoin prolonged its decline under the $28,500 and $26,500 assist ranges.
    • The worth is now buying and selling under the $28,500 stage and the 100 hourly easy transferring common.
    • There’s a key bearish pattern line forming with resistance close to $27,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair may proceed to maneuver down under the $25,000 assist zone within the close to time period.

    Bitcoin Worth Features Bearish Momentum

    Bitcoin worth didn’t clear the $30,000 resistance zone. In consequence, the bears took over and pushed the worth under the important thing $29,500 and $28,500 assist ranges.

    It sparked a serious decline under the $28,000 stage. The worth declined practically 10% and even broke the $26,500 assist stage. A brand new multi-week low is shaped close to $25,571 and the worth continues to be exhibiting loads of bearish indicators.

    Bitcoin is now buying and selling effectively under the $28,500 stage and the 100 hourly simple moving average. There’s additionally a key bearish pattern line forming with resistance close to $27,200 on the hourly chart of the BTC/USD pair. A direct resistance on the upside is close to the $26,200 stage.

    It’s close to the 23.6% Fib retracement stage of the latest decline from the $28,307 swing excessive to $25,571 low. The primary main resistance is close to the $27,200 stage and the bearish pattern line.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The 50% Fib retracement stage of the latest decline from the $28,307 swing excessive to $25,571 low can be close to the pattern line resistance. The primary resistance is close to the $28,500 stage. A transparent transfer above the $28,500 resistance stage may ship the worth additional increased.

    Extra Losses in BTC?

    If bitcoin fails to clear the $27,200 resistance zone, it may proceed to maneuver down. A direct assist on the draw back is close to the $25,500 stage.

    The subsequent main assist is close to the $25,000 stage. A draw back break under the $25,000 assist may ship the worth additional decrease. Within the acknowledged case, the worth may drop in the direction of the $23,500 assist zone within the close to time period.

    Technical indicators:

    Hourly MACD – The MACD is now gaining tempo within the bearish zone.

    Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now within the oversold space.

    Main Help Ranges – $25,500, adopted by $25,000.

    Main Resistance Ranges – $26,200, $27,200 and $28,500.



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