Bitcoin rapidly declines towards first target
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BTCUSD is dropping like a stone towards our first target. It's currently trading under 25K, which we hinted at here. However, we changed the measured move of the wedge pattern to reflect more accurately in this article, giving the first target of 20K. As long as the stochastic stays below 20 (green rectangle), the underlying momentum will continue to pressure the cryptocurrency, making the target more probable. Moreover, the RSI is not oversold (blue square), implying that there is scope for further decline before a floor is in place.
Several factors are adding to the bearish sentiment gripping bitcoin. Firstly, Celsius Networks LLC, whose platform allows bitcoin and other crypto deposits to earn interest, has halted withdrawals. Celsius has cited that this is "due to extreme market conditions." Secondly, the higher-than-expected CPI prints on Friday suggest a much more hawkish central bank contractionary policy. This tightness will hurt risk assets and adds to bitcoin's headwinds.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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