The Bitcoin price has reverted from the $25000 psychological support and triggered a new correction amid increasing uncertainty in the crypto market. The price has fallen 8.61% to $22944, where it is now. The BTC price has fallen by 8.61% since the breakdown of the swing high resistance.
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Brian Bollinger In the midst of increasing uncertainty in crypto market, Bitcoin price recently reverted to the $25000 psychological resistance which triggered a new correction. The price has fallen 8.61% to $22944, where it is currently trading. Furthermore, with the recent breakdown of the last swing high resistance, the BTC price is poised for further downfall.advertisementKey Points:Bitcoin price is witnessing an occasion correction phase in an ongoing bull run
The Bitcoin price is likely to experience a longer correction due to a bearish divergence in its daily RSI slope.
Bitcoin’s intraday trading volume is $17.2 billion, which indicates a 32% loss
Source-TradingviewThe Bitcoin price plunged to $25000 on February 24th. This sell-off could have been caused by panic selling after the release the Personal Consumption Expenditures Price Index data. The Stronger-than-expected outcome from PCE inflation data caused a significant downfall in the majority of major cryptocurrencies.Today, the BTC price trades at the $22944 mark, with an intraday loss of 1.04%. The daily candle’s lower price rejection indicates that prices will likely retest the $23600 level. The ongoing correction phase will continue to lower levels if the coin price is unable to sustain below $23600. Trending Stories If the selling pressure continues, the aforementioned indicator indicates that the coin holder has more support that could help buyers resume bullish. The Bitcoin price is currently at the 0.236 FIB level at $22550. This crucial support could recuperate the bullish momentum and offer pullback opportunities to interest traders.However, any further downfall will question the validity of the overall uptrend.Technical IndicatorRSI: contrary to the higher high formation in price action, the daily RSI slope indicates a weakness in bullish momentum and a higher possibility for longer correction.advertisementEMA’s: the falling BTC price breached the 20-day EMA slope indicating longer correction for coil holders. The support strength of this support is also increased by the 200-day moving close to the $21500 mark.
Resistance levels: $23600 and $22500
Support levels: $22500 and $251500
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