25.09.202314:36 Forex Analysis & Reviews: Technical analysis on Bitcoin for September 25th, 2023.

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Green line -resistance trend line

Blue line -support trend line

Bitcoin is under pressure. After bouncing higher towards the green resistance trend line as expected, price got rejected and is now moving lower. Resistance remains key at $27,450. Price formed a lower high and bulls were unable to break above the resistance trend line. Bitcoin price has support at the blue horizontal line at $24,750. Bitcoin is vulnerable to a pull back towards this support level. A break below it will open the way for a move lower towards $22,000. Near term trend remains bearish as price continues making lower highs and lower lows.

Alexandros Yfantis
Analytical expert of InstaForex
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