Having hit a three-month low, Bitcoin (BTC) has broken a critical support level to the downside, what can Bitcoin expect next?
The crypto market, which generally progresses with sales in the summer, has resurfaced with the recent confusion. After the SEC sued Binance and Coinbase, cryptocurrencies that turned their course down continue to scare investors. The selling wave that started last night led to the breaking of an important support level for Bitcoin (BTC). BTC, which could not protect $ 25,250, is currently trading at $ 25,000. Any process where this resistance cannot be broken will further strengthen the bearish signals in the market.
Can Bitcoin (BTC) Continue Downfall?
Testing $24,800 with buyers failing to establish sufficient advantage at the $25,250 support, BTC has been going around in a certain price range for several hours. The following support levels have not been tested yet. However, it could not go above $ 25,250, which is the deciding point in the big time frame. Each minute this scenario continues, the bears’ dominance may become increasingly stronger.
The support levels that can be followed for BTC are $24,586 – $24,255 and $23,872, respectively. If these support levels fail to hold, a journey towards $20,000 may begin. Permanence above 25,250 must be observed in order to speak of the ascensions. Later, $26,200 – $26.842 and $27,555 can be targeted.
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