Bitcoin

<ul><li>The price of Bitcoin may experience a drop to the $25,000 support level.</li><li>The Relative Strength Index indicates a possible correction.</li></ul>Bitcoin price is showing sideways price movements between 30,000-30,500, what do the price chart and on-chain data say about Bitcoin?<h2 id="header-0">Bitcoin Price Analysis – Daily Chart</h2>On the daily time frame, Bitcoin’s price aggressively attacked the $30,000 resistance level, breaking out of the tight consolidation range around $28,000. This level is both a very important psychological and technical resistance area and will likely shape the short-term future of the crypto market.A breakout could bring a rise towards the next significant resistance area at $38,000, while a rejection could lead to a drop towards the 50-day moving average at $26,000 and even the support area at $25,000.BTC/USDT PERP Daily Price ChartIn either case, as long as the price stays above the 200-day moving average, which is an important bull/bear market indicator, bulls can still be optimistic.<h2 id="header-1">Bitcoin Price Analysis – 4 Hour Chart</h2>The 4-hour chart shows that the price is struggling to break the $30,000 resistance level after recovering from the $28,000 support area a few days ago.The Relative Strength Index (RSI) indicator also shows a clear downward trend signal that could indicate a potential consolidation or correction in the short term.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/57ff740e31fc4dc181220f9c44b3c4a4.png" />In this case, while $28,000 is expected to support the price again, the $25,000 area could also be retested in the event of a deeper correction. As a result, there is no shortage of support levels and bulls can finally breathe a sigh of relief after almost a year of a terrible bear market environment.Continue Reading: <a href="https://en.coinotag.com/can-bitcoin-retrace-to-25000-support-current-analysis/" rel="noopener noreferrer nofollow">https://en.coinotag.com/can-bitcoin-retrace-to-25000-support-current-analysis/</a>

Can Bitcoin Retrace to $25,000 Support? Current Analysis!

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