Bitcoin Loses Key Support And Falls Further

Cryptocurrency analysts of Coinidol.com report, Bitcoin (BTC) price is in a downtrend as it has regained the crucial support at $26,000.

Bitcoin price long-term forecast: bearish

On September 1, the bears broke through the crucial support as the largest cryptocurrency fell to a low of $25,342. In the last five days, Bitcoin has been moving above the $25,000 support.

If the bears break the $25,000 support, the market will continue to fall to the low of $24,838. At the time of writing, the BTC price is trading at $25,777. Bitcoin is capable of bouncing back if the initial resistance at $26,840 is broken. The cryptocurrency value will rally above the moving average lines and reach a high of $28,000.

Bitcoin indicator display

Bitcoin is at the Relative Strength Index level 35 for the period 14. The cryptocurrency value is falling as it approaches the oversold zone. The price bars were rejected at the moving average lines, which led to the current decline. As long as the price bars remain below the moving average lines, the rejection will continue. The bearish momentum has stalled below the stochastic level of 40 on the daily basis.

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?

Bitcoin is currently trading below its all-time high of $26,000. If the $25,000 support is breached, the cryptocurrency would fall to its previous low of $24,838. Doji candlesticks have dominated the price action on the 4-hour chart. As a result, the price movement is stagnant.

On September 1, 2023 cryptocurrency analytics specialists of Coinidol.com stated that on August 29, the Bitcoin price reached a high of $28,142, but was pushed back down. The positive momentum was halted when the cryptocurrency entered an overbought market region. 

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.com. Readers should do their research before investing in funds.