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Bitcoin Is Currently Being Pressured by a Significant Selling Weight
Bitcoin (BTCUSD) is being pressured to drop to a significant support zone at $25,000. The coin had a bearish blow when it was around $30,000, leading it to drop into a price accumulation between $26,300 and $25,800. An attempt to surge was quickly repelled at $28,000, and now Bitcoin is being pressured to drop lower to the $25,250 support level.
BTCUSD Key Levels
Supply Levels: $30,000, $28,000, $26,300
Demand Levels: $25,250 $25,000, $19,500
The coin is currently facing substantial downward pressure, compelling it to approach a critical support level of $25,000. This downtrend began following a bearish reversal when the cryptocurrency was trading around $30,000. Subsequently, it experienced a decline, consolidating in the range of $26,300 to $25,800. An attempt at a price rally was swiftly thwarted near the $28,000 mark, reinforcing the prevailing bearish sentiment and driving BTCUSD closer to the $25,250 level.
Analyzing the market indicators, the Parabolic SAR (Stop and Reverse) on the daily charts displays a bearish stance, with its dots positioned above the candlesticks. Additionally, the Stochastic Oscillator has plunged back into oversold territory following the unsuccessful push beyond the $28,000 threshold.
Market Expectations
A closer examination of the 4-hour chart reveals that the candlestick patterns have dipped below the $25,800 level, mirroring the bearish sentiment evident on the daily chart. Likewise, the Stochastic Oscillator in the 4-hour timeframe has descended into oversold territory. Furthermore, the Parabolic SAR highlights a predominance of dots above the candles, signaling a bearish trajectory toward the $25,250 support level.
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