Bitcoin Price Tumbles, Drops Toward $25,000 and $24,000 Support

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• Bitcoin price is declining and could soon fall below $28,000.
• The bears pushed the BTC/USD pair below the key 50-day simple moving average (blue).
• The next support levels are at $25,000 and $24,000.

Bitcoin Price Takes Hit

Bitcoin price is losing bearish momentum below the 50-day simple moving average (blue). BTC/USD traded below a key contracting triangle with support at $28,000 on the daily chart. The price is diving and might slide toward the $25,000 and $24,000 support levels.

Bearish Signs

In the past few days, Bitcoin’s price struggled to move above the $29,500 and $30,000 levels. The BTC/USD pair topped near the $30,000 level and recently started a fresh decline. There was a clear move below the $29,000 and $28,500 support levels. More importantly, on the daily chart, the price traded below a key contracting triangle with support at $28,000. Finally, the bears pushed the price below the key 50-day simple moving average (blue). It is now showing bearish signs with back-to-back bearish candles.

Downside Break

The crypto market is under pressure and altcoins such as Ethereum MATIC ADA SOL are down over 10% weekly. If bears remain in action Bitcoin’s price may decline towards its next major support point which is near 24k USD level close to 61.8% Fib retracement from 19k swing low to 30k swing high . Any further losses could trigger an increase in selling pressure bringing prices towards 22k USD level as next breakdown point .

Possible Upside Movements

Immediate resistance for BTC lies near 27k USD level if bulls manage to push prices above this point it can rise towards 30K USD resistance zone . Any further gains might bring prices towards 31K USD resistance zone , then 32K USD can be expected on upside movements .

Conclusion

Overall Bitcoin is signaling a bearish trend break below 28K USD & 50 day SMA , if BTC settles down below 26K USD there will be more risk of dropping down towards 25K & 24K as next supports respectively . On other side if bulls take control over market we may see uptrend movement up to 28K resistance followed by 30K & 31K resistances respectively .