Bitcoin Dips to $25,000: BTC Chart Analysis

On the global 1W timeframe, Bitcoin continues its downward trend, initiated after reaching its all-time high at $69,000 back in 2021. For the market sentiment to turn bullish, sellers must breach the resistance zone between $30,500 and $34,000 and establish a firm footing above the $42,000 threshold (see the screenshot below).

Currently, BTC is hovering around a wide-ranging support zone of $21,800–$25,000. If this range also fails to hold, the asset's price might retest its previous low of $15,700, or even plunge further towards the $10,000 benchmark! 

In the daily chart, there's a noticeable upward trend (indeed, different timeframes can display opposing trends!). This positive shift was initiated in January 2023, following a recovery from a two-year low below $15,800. Yesterday's drop can be characterized as a standard market correction. BTC has approached the support level between $23,900 and $25,400 but hasn't breached it. This suggests that the upward trajectory could continue.

For the bullish trend to sustain, buyers must breach the resistance zone of $30,200 to $32,000 and stay above this range. Otherwise, we might see Bitcoin decline further, potentially retesting the lows around $22,800 or even dipping into the $19,500–$21,000 range.

On the one-hour chart, the current market trend for BTC is bearish. Currently, Bitcoin is oscillating between support levels of $25,000–$25,900 and resistance levels of $27,000–$27,800. Exiting this range will set the tone for traders' perspectives on the leading cryptocurrency. 

Interestingly, on some crypto exchanges, Bitcoin briefly slipped below the crucial $25,000 mark, reaching down to $24,200. As such, retesting the lows near $23,900 remains a potential outcome before any potential resurgence.

The previous decline will only be deemed fully offset once the price consistently holds above $28,600. 

The global cryptocurrency market is significantly influenced by fundamental dynamics. Following the buzz about Elon Musk offloading $350 million in BTC, it's essential to gauge how other major Bitcoin investors respond. 

The insolvency of China's Evergrande Group might cast a shadow over the crypto sphere, but only if verified links between the conglomerate and Tether (the USDT stablecoin issuer) emerge. However, this development doesn't have a direct effect on BTC, suggesting that the market could navigate this turbulence more smoothly than the controversies surrounding LUNA and FTX.

Another pivotal factor influencing Bitcoin's trajectory will be the SEC's decision on spot Bitcoin ETFs. The U.S. regulator might drag its feet on this process, which means it could influence the market over an extended period rather than on local timeframes.

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Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNcrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.

TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.

Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.

К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).

Gray range on the chart — a support zone.

Red range on the chart — a resistance zone.

Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.

This analysis was informed by the following educational materials and articles from GNcrypto: