Bitcoin in a Downward Spiral?! 10 April 2025 Review by CloseOption Broker

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 Bitcoin in a Downward Spiral?! 10 April 2025 Review by CloseOption Broker

 

The key support and resistance level ahead for BTC/USD is as follows:
•Third Key resistance level of BTC/USD: 85500
• Second Key resistance level of BTC/USD: 80500
• First key resistance level of BTC/USD: 79000
• First key support level of BTC/USD: 74500
• Second Key support level of BTC/USD: 73000
•Third Key support level of BTC/USD: 71000

Bitcoin in a Downward Spiral?!
As noted in the previous Bitcoin analysis dated March 26, 2025, the potential for price decline was evident on the chart, a scenario that ultimately materialized to near the key level of $73,000.

In current circumstances, an unambiguous rationale for continuing the upward trend has not yet formed across longer timeframes such as monthly and weekly charts. Consequently, corrective behavior on the chart remains technically justifiable. Should the support level of $74,500 be threatened and breached, the price possesses the potential for further decline, reaching the key level of $73,000 and, subsequently, potentially extending to $71,000.

In shorter timeframes, such as daily and 4-hour charts, the round number of $74,500 has thus far prevented further price drops twice. The formation of candlesticks with long lower shadows indicates the activity of risk-seeking buyers in this region.

Considering the price's current oversold condition, should the support level of $74,500 be maintained, the price has the potential for growth and reaching resistance levels of $79,000 and, in a more pronounced scenario, up to $80,500.
 

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