Support Breakdown and Potential Price Plunge
In the past 24 hours, Bitcoin has been moving within specific levels that act as barriers, which were identified beforehand as resistance and support levels. Unfortunately, there hasn't been enough demand to maintain the support at $27,200, causing it to be broken. As a result, the price of Bitcoin dropped to the middle line of the channel and then bounced back to that area.
Now, when we analyze the price movement over the 4-hour and 1-hour time frames, we notice a decline in the price. This decline suggests a possibility of breaking the support level of the range channel floor. If this happens, we might expect the price to fall within the range of $26,200 to $26,000.
However, it's important to note that there is a chance for a positive reaction at these levels, as well as the support range of $25,660, which is situated at the bottom of the main upward trend channel.
Now, when we analyze the price movement over the 4-hour and 1-hour time frames, we notice a decline in the price. This decline suggests a possibility of breaking the support level of the range channel floor. If this happens, we might expect the price to fall within the range of $26,200 to $26,000.
However, it's important to note that there is a chance for a positive reaction at these levels, as well as the support range of $25,660, which is situated at the bottom of the main upward trend channel.
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