Bitcoin (BTCUSD) Continues to Decline towards Key Support Level

Azeez Mustapha

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BTCUSD Falls Towards the $24810.0 Support

BTCUSD keeps experiencing a decline, approaching the support level at $24810.0, with buyers unable to overcome the bearish sentiment that emerged around the $30410.0 key level. The previous upward trend seems to have changed as the price failed to sustain above the $30410.0 resistance level. The return to the $24810.0 support level could potentially indicate the onset of another consolidation phase.

BTCUSD Key Levels

Supply Levels: $30410.0, $34760.0, $37790.0
Demand Levels: $24810.0, $19460.0, $16360.0

Bitcoin (BTCUSD) Continues to Decline towards Key Support Level

BTCUSD market continues its downward trend, approaching the critical $24810.0 support level. The recent bearish activity around the key $30410.0 level has hindered buyers from pushing the price higher. This change in market dynamics suggests that the previously steady uptrend has been altered, and the inability to sustain above the $30410.0 resistance level may lead to a period of consolidation.

Technical indicators indicate a marginal advantage for sellers over bulls. The daily chart shows a downward break below the 50-day Moving Average (MA). The EFI (Elders Force Index) power line on the daily is slipping below the zero level; this is also in favour of the sellers. On the 4-hour chart, the situation looks even more unfavourable, with the MA period 50 trending downward since early July.

Bitcoin (BTCUSD) Continues to Decline towards Key Support Level

Market Expectations

The EFI line consistently remains in negative territory on the 4-hour chart, and at the time of writing, the power line has only marginally risen above zero. This indicates that the price could continue sliding until it reaches the $24810.0 support level, where the bulls might regroup and attempt to strengthen their position. This will likely lead to another period of price accumulation.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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