– Bitcoin (BTC/USD) worked to claw back acute losses early in the Asian session as the pair recently traded as low as the 25338.53 area, its weakest print since the last few trading sessions of 2020.
– Stops were elected below many downside price objectives during the ongoing descent, including the 30435, 29645, 28927, and 28426 areas, downside price objectives related to selling pressure that intensified around the 47469, 47200, and 48240 areas.
– Buying pressure finally emerged above the 24365.11 area to add some two-way risk, a downside price objective related to selling pressure that emerged around the 48240 area.
– If BTC/USD continues to depreciate, traders are eyeing additional downside price objectives around the 25142, 24365, and 21074 areas.
– Significant selling pressure hastened around the 31717, 31364, and 31289 areas, upside technical price objectives and retracement levels related to historical buying pressure around the 3858 area.