Bitcoin (BTCUSD) Continues to Decline towards Key Support Level

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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

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.

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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