After a prolonged period of silence near the critical $30K threshold, the price has encountered significant rejection, resulting in a swift and rapid
However, the current scenario shows the price consolidating close to the crucial support range of $25K, where it could potentially find a bottom and halt further downtrends.Following a minor corrective phase, where a bearish divergence occurred between the price and the RSI indicator, Bitcoin experienced a forceful rejection and underwent a rapid drop.
However, the price action within this critical support zone carries substantial significance, as the $25K level has long served as crucial psychological support. Therefore, if it receives support and witnesses an upsurge in buying activity, market participants could potentially anticipate a reversal.
Conversely, without such support, the price might breach this mentioned support level, potentially triggering a cascading effect that drives it toward the notable support area at $20K.Shifting attention to the 4-hour chart, it becomes evident that the price is confined within a static range, oscillating between the notable resistance at $30K and the significant support at $25K.
Despite this decline, the $25K support level holds the potential to stave off further short-term declines due to the existing demand around this crucial range. Consequently, a positive response within this defined range could potentially pave the way for a fresh upward trajectory, propelling the price toward the substantial resistance level at $30K.
Conversely, if the price dips below the $25K mark once again, the market might embark on an extended bearish phase, leading to a further decline toward lower support regions.
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