Here's the First Level of Support if $25K Fails to Hold BTC (Bitcoin Price Analysis)

Bitcoin has been following a bearish price action over the last few weeks following the rejection from the critical $30K resistance level. Yet, there is

The price has dropped significantly from the $30K resistance zone on the daily timeframe, breaking below both the 50-day and 200-day moving averages. The $25K support level is currently holding it.

Yet, the 200-day moving average, located around the $28K mark, has rejected the price, pushing it towards the $25K level once more. Moreover, the 50-day moving average is trending towards the 200-day one, and a bearish crossover seems highly probable. Considering all the facts stated, the price is likely to drop much further if the $25K level fails to hold.Looking at the 4-hour chart, the recent price action becomes a lot clearer. The market has recently been rejected from the $27,500 short-term resistance level and has been declining towards the $25K support area.

The RSI indicator is also showing values below 50%, emphasizing the current bearish momentum in price. Therefore, if the $25K level breaks down, things can get ugly quickly.

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