BTC Price Breaks $24000 Support; Where’s This Downfall Heading?

The Bitcoin(BTC) price has started the new week on a highly bearish note as it fell 14.5% on an intraday basis. Since last week it has dropped 28.5% and breached some significant support levels as $28000 and recently $24000. This support threatens further downfall if sellers could sustain the price below $24000.

Key points: 

• The seven consecutive red candles in the BTC chart register a 28.5% fall
• The Daily-RSI slope sank into the oversold territory 
• The intraday trading volume in the Bitcoin is $66 Billion, indicating a 104% hike

Source- Tradingview

During May, the BTC/USDT pair majorly consolidated between the $32500 to $28000 level, reflecting the ongoing uncertainty in the crypto market. Furthermore, the buyers’ failed attempt to recover amid the consolidation allowed sellers to break the $28000 support.

On June 12th, the BTC price breached this range support and 0.618 Fibonacci retracement level with a long bearish candle. Thus, the traders witnessed an aggressive sell-off today and tumbled the coin price by 12%.

The sudden drop breached $24000 psychological support with a 104% volume spike, indicating a genuine breakdown. Furthermore, if sellers sustain the coin price below the $24000 mark, the downtrend could extend to even lower levels.

The coin technical chart represents strong support near the psychological levels, and as the BTC price currently trades at the $23391 mark, the traders can expect nearest demand pressure at $22000 and $20000.

Technical indicator-

The daily-RSI chart represents strong selling sentiment in the market as the indicator slope showcased a failed attempt to sustain above the neutral line and a straight drop into the oversold region.

However, the instant price drop poked through the lower band of the Bollinger band indicator, indicating an unhealthy price movement. Thus, responding to this overselling, the coin price may give a minor pullback or consolidation to stabilize its value.

• Resistance level- $24000, and $28000
• Support level- $22000 and $20000