Bitcoin (BTC) recently broke down a rising channel pattern formed earlier this month.
The price has now entered a crucial support zone on the Fibonacci retracement table, ranging from the 0.618 FIB level to the 0.786 FIB level.
A further breakdown beneath this support zone could signal more significant downside potential, potentially activating the $25,000 support level.
The Relative Strength Index (RSI) is currently at 24.30, hovering in the oversold territory, indicating bearish sentiment.
In the coming days, the $25,000 and $23,000 support levels will be pivotal.
Conversely, if bulls regain control, resistance levels to watch for are $27,000 and $29,000, respectively.
The price has now entered a crucial support zone on the Fibonacci retracement table, ranging from the 0.618 FIB level to the 0.786 FIB level.
A further breakdown beneath this support zone could signal more significant downside potential, potentially activating the $25,000 support level.
The Relative Strength Index (RSI) is currently at 24.30, hovering in the oversold territory, indicating bearish sentiment.
In the coming days, the $25,000 and $23,000 support levels will be pivotal.
Conversely, if bulls regain control, resistance levels to watch for are $27,000 and $29,000, respectively.