BTCUSD Crashes Back to the $25,000 Support Level
BTCUSD crashed to $25,000 and experienced a significant market event, plunging out of the ascending parallel channel that had been guiding its upward movement from $16,500. Despite the previous incremental rally, the bulls have reached their capacity, struggling to lift the market beyond the formidable $30,000 resistance.
BTCUSD Key Levels
Supply Levels: $30000.0, $35000.0, $38000.0
Demand Levels: $25000.0, $19500.0, $165000.0
Consequently, COMPUSD has seen a sharp downturn, retreating to the familiar $25,000 support level from which it previously rebounded. This retracement is part of the market’s natural ebb and flow, and it’s anticipated that buyers will once again gather strength at the $25,000 mark, fostering a potential upward movement toward $30,000. This consolidation phase could serve as a foundation for the next market move.
The intensity of the decline was remarkable, even causing the daily MA period of 80 to be unable to maintain the price’s trajectory toward the resistance level. This rapid drop is reflected in the RSI indicator, which plummeted below the 20 mark into the oversold region, indicating buyer exhaustion.
Market Expectations
Zooming into the 4-hour chart, the candlesticks have disengaged from the MA period 80 and veered away from the ascending parallel channel, eventually settling near the $25,000 level. The RSI line in this timeframe mirrors the downward trajectory, entering deep into oversold territory. Although a temporary upward movement could happen, the primary objective still stands to possibly reach the $30,000 mark again.
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