BTC/USDT ~ Weekly Overview

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.
Chart PatternsTechnical IndicatorsTrend Analysis

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