Bitcoin price fell below $25,000 overnight after the US Federal Reserve’s interest rate pause decision. This caused bulls to lose a seven-month trendline support, potentially resulting in a decline towards the $20k-$22k level.
Crypto analyst Captain Faibik commented, “$BTC Bulls have lost the 7-Month Major Trendline, Not a good Sign..!! Is it a TRAP or Bears are back in the Town? If it’s a trap and Bitcoin bounces back, reclaiming the 26.7k resistance, we could witness a Bullish Rally towards 31k. If Bears are back, Bitcoin may face more downward pressure, possibly testing the 20-22k area.”
Another analyst, Ali, mentioned that the most important support area lies between $22.7k and $23.6k, with a main resistance zone between $26k and 28.3k. If Bitcoin bounces back, it could reach this zone and possibly retest the $30k area.
Rekt Capital further argued that the loss of $26,600 could turn it into stiff resistance. If this level is rejected after the Weekly Close below, the analyst predicted that lower $20000s await.
At the time of writing, Bitcoin was trading at $24,878, down 4%, with altcoins mirroring the losses. The total crypto market cap was 3.8% lower, with Ethereum trading at $1,674 and XRP at $0.47 – down 6% and 7.3%, respectively.
