Bitcoin [BTC]: Why $25,000 might be the next target support level

Bitcoin had a bearish performance last week after being unable to push past $30k. BTC […]

BTC whales contributed to the ongoing sell pressure.

attempted to push above $30,000 not so long ago. However, it has since shown significant weakness after multiple retests of the same level, and last week’s bearish performance is a testament to it.The failure to stay above $30,000 was an important observation because it underpinned an ascending resistance line. The latter is part of Bitcoin’s ascending price pattern since the start of the year.

We previously contemplated the probability of Bitcoin descending as low as the $24,000 price range where it would retest its YTD support line. Fast forward to the present and the probability of that support retest is now higher. Bitcoin has so far delivered a bearish performance by as much as 13% in the first half of May. It exchanged hands at $26,929 at the time of writing.If Bitcoin maintains this pace for the next two weeks, the chances of a retest of the ascending support line will be quite high. The $25,000 price level is of particular interest because it has already demonstrated resistance in multiple instances. In other words, the same price level represents a significant support range.

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