Bitcoin Price Prints Bearish Technical Pattern, Why It Could Drop To $24K

Sep 12, 2023 04:00 am Cryptocurrency 148

Bitcoin price broke the key $25,350 support. BTC is now consolidating near $25,000 and remains at a risk of more downsides in the near term.

Bitcoin traded below the $25,600 and $25,350 support levels.

The price is trading below $25,600 and the 100 hourly Simple moving average.

There is a major bearish trend line forming with resistance near $25,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move down if it stays below the $25,600 resistance.

Bitcoin Price Breaks Key Support

Bitcoin price failed to start a recovery wave and extended its decline below the $25,600 support. BTC even broke the $25,350 support and moved into a bearish zone.

The price even spiked below the $25,000 level. A low is formed near $24,925 and the price is now consolidating losses. Bitcoin is now trading below $25,600 and the
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