The price of Bitcoin (BTC) has continued to fall since its decline on June 5.
Selling pressure has broken through the crucial support level above the $25,000 level. Today, one bitcoin was worth $25,075 at the time of publication. The bottom line is that Bitcoin could fall further if current support is threatened. On June 6, buyers ran into resistance at $27,000. The BTC price is currently retesting the February 21 resistance level, but not the support level. Although the cryptocurrency exceeded the $20,000 support level on February 21, buyers failed to break above the $25,227 high. However, if the bears manage to break the current support, the market could fall back to the psychological price level of $20,000 today. On the other hand, Bitcoin will cross the moving average line if it rallies to the upside. The bullish momentum will strengthen as we approach the psychological price level of $30,000.
Due to the recent decline, BTC has fallen to the 35 level on the Relative Strength Index. The cryptocurrency value is in a downtrend zone and could fall further. The current decline is due to the price bars being below the moving average lines. Similarly, Bitcoin's daily stochastic is below the value of 20. The oversold zone of the market has been reached.
Key resistance levels - $30,000 and $35,000
Key support levels - $20,000 and $15,000
Bitcoin price has risen above the important support level. As the price bars are below the moving average lines, a further decline in the cryptocurrency is likely. The psychological price low at $20,000 will come under renewed selling pressure if the current support level is breached. Due to the distance between the price bars and the moving average lines, a potential breakout is unlikely.
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.