Bitcoin Price Plunges Further Post Fed Decision, $24K Next?

Bitcoin price started a fresh decline below the $25,500 support. BTC is now at a risk of more losses toward the $24,000 support zone.

• Bitcoin is gaining bearish momentum below the $25,500 support.
• The price is trading below $25,500 and the 100 hourly Simple moving average.
• There was a break below a key rising channel with support near $25,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could correct higher but upsides might be limited above $25,500.

Bitcoin Price Extends Decline

Bitcoin price failed to start a fresh increase above the $26,200 resistance zone. BTC failed to remain in a positive zone after the Fed interest rate decision and declined below the $25,500 support.

The price declined below the $25,400 support to trade to a new weekly low. Besides, there was a break below a key rising channel with support near $25,800 on the hourly chart of the BTC/USD pair. There was a move below the $25,000 support zone.

A low is formed near $24,818 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $26,063 swing high to the $24,818 low.

Bitcoin price is now trading below $25,500 and the 100 hourly Simple moving average. Immediate resistance is near the $25,200 level.

Source: BTCUSD on TradingView.com

The first major resistance is near the $25,500 level. It is close to the 50% Fib retracement level of the recent decline from the $26,063 swing high to the $24,818 low. A clear move above the $25,500 resistance might start a fresh increase. The next major resistance is near the $26,000 level, above which the bulls might send BTC toward the $26,500 resistance zone.

More Losses in BTC?

If Bitcoin’s price fails to clear the $25,500 resistance, it could continue to move down. Immediate support on the downside is near the $24,800 level and the recent low.

The next major support is near the $24,500 level, below which the price might gain bearish momentum. In the stated case, the price could drop toward the $24,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.

Major Support Levels – $24,800, followed by $24,500.

Major Resistance Levels – $25,200, $25,500, and $26,000.