Bitcoin fell once again to the critical support at $25,250 on June 10, showing that the selling pressure is on hold. A retest of a briefly repeated support level tends to weaken it.
The moving averages are turning down and the relative strength index (RSI) is in the negative territory, showing that bears are in control. If the $25,250 to $23,896 support zone is broken, the BTC/USDT pair could see a panic sell-off. The pair can then plummet to the psychologically important level of $20,000. Buyers are expected to try to defend this level by any means possible.
If the bulls want to prevent a sharp drop, they will need to quickly push the price above the 20-day exponential moving average ($26,721). Such action would suggest strength in demand at lower prices. The pair can first rise to the 50-day simple moving average ($27,464) and then to the resistance line of the channel. Buyers will have to push the price above this level to indicate a re-establishment of the uptrend.
The 4-hour chart shows that the bounce from the $25,250 support is facing selling at the 20 EMA. This shows that the bears are not leaving any chance for the bulls to turn back. The bears will need to push the price below $25,250 to further consolidate their positions.
Conversely, if the price rises and breaks above the 20 EMA, the pair can advance to the 50 SMA. If this level is broken, the pair can rally to $27,400.
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