Bitcoin

<ul> 
 <li>Bitcoin (BTC) hit an intraday low of $25,520.</li> 
 <li>BTC experienced a decline of over 10.65% in the past seven days.</li> 
</ul> 
The crypto market has experienced a massive downtrend due to selling pressure over the past few weeks. Bitcoin (BTC), the world’s largest cryptocurrency, fell below the $26K mark, showing bearish momentum. Following BTC’s fall, the <a href="https://thenewscrypto.com/crypto-news-optimism-op-defies-downtrend-with-5-rally/" target="_blank" rel="noopener noreferrer nofollow">major altcoins</a> are facing a similar downtrend. According to the Onchain data, the recent price slide mostly affected Bitcoin short-term holders.&nbsp; 
On August 23, Bitcoin’s bearish momentum took the price below $26K and hit the day’s low of $25,520. However, BTC has experienced a slight recovery after reaching the day’s low. The trading price surpassed the $26K range again and is trading at $26,043. The entire crypto community is expecting this surge to change BTC’s momentum. 
<h3 class="wp-block-heading" id="h-bitcoin-btc-price-analysis-24-hour-timeframe">Bitcoin (BTC) Price Analysis -24-Hour Timeframe&nbsp;</h3> 
At the time of writing, Bitcoin is trading at $26,043, with an increase of over 0.14% in the last 24 hours. The daily trading volume of BTC also experienced a surge of over 15.82%, according to CoinMarketCap. However, Bitcoin has experienced a decline of over 10.65% in the past seven days. 
<figure class="wp-block-image size-large"> 
 <img decoding="async" width="1024" height="608" src="https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSD_2023-08-23_10-38-06-1024x608.png" alt="" class="wp-image-81116" srcset="https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSD_2023-08-23_10-38-06-1024x608.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSD_2023-08-23_10-38-06-300x178.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSD_2023-08-23_10-38-06-768x456.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSD_2023-08-23_10-38-06-638x380.png 638w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSD_2023-08-23_10-38-06-150x89.png 150w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSD_2023-08-23_10-38-06.png 1214w" sizes="(max-width: 1024px) 100vw, 1024px"> 
 <figcaption class="wp-element-caption">
 Bitcoin (BTC) Trading Price Chart ( Source: TradingView) 
 </figcaption> 
</figure> 
Even though Bitcoin is experiencing a slight recovery, the daily trading price chart shows that BTC is in bearish momentum as the current price is below the 50-day exponential moving average (50 EMA). Moreover, according to the RSI indicator, BTC &nbsp;is in the oversold zone as the RSI level stays at 20.53. Usually, if the RSI reading drops below 30, it indicates that the <a href="https://thenewscrypto.com/bitcoin-btc-price-consolidates-as-further-decline-looms/" target="_blank" rel="noopener noreferrer nofollow">selling p</a>ressure is increasing. 
According to the TradingView data, if Bitcoin experiences bullish momentum, it will reach the nearest resistance level of $26,500. If the trend continues, the trading price will break through the $27K mark and even advance to surpass the $28K mark. On the other hand, another drop may begin if BTC fails to break the nearest resistance of $26,500. Moreover, if the bearish momentum continues, it will drop below the support level of $25,000. 
Do you think BTC will breach the nearest resistance level soon? Tweet to us at @The_NewsCrypto and let us know your thoughts.

Bears Take Bitcoin (BTC) Below $26K, More Downtrend Ahead?

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