Bitcoin (BTC) price has finally fallen below the crucial support at $26,000.
Bitcoin price long-term forecast: bearish
Incidentally, the largest cryptocurrency has been moving in a range between $26,000 and $28,000 since May 12. On May 28, buyers made the first attempt to keep the price above the moving average lines or the $28,000 resistance, but were rejected. Bitcoin would have regained the $30,000 high had the buyers been successful. However, the resulting effect of the rejection at $28,000 caused the BTC price to fall below support at $26,000. Today, the BTC price is trading at $25,605 at press time. Buyers have a difficult task as they will try to defend the $25,000 support to stop further decline. On the upside, Bitcoin will rise to the $30,000 high if the current support holds. Conversely, Bitcoin will crash to $20,000 price level if the current support is lost for the bears.
Bitcoin indicator display
The largest cryptocurrency has fallen significantly, having reached the level 35 of the Relative Strength Index for the period 14. The cryptocurrency is approaching the oversold area of the market. The current decline is likely to weaken. The price bars are below the moving average lines that are responsible for the current decline. Bitcoin has fallen deep below the 20 level of the daily stochastic. It is said that the market has reached bearish exhaustion.
Technical Indicators:
Key resistance levels – $30,000 and $35,000
Key support levels – $20,000 and $15,000
What is the next direction for BTC/USD?
After a three-week fluctuation range, Bitcoin has resumed selling pressure. Both the bulls and the bears will try to take control of the price above the current support. Bitcoin will rally if buyers have the upper hand. However, a further drop below $25,000 support will lead to panic buying and selling.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.
