Bitcoin and Ethereum: Bitcoin has fallen below the $25,000

• Bitcoin has fallen below $25000 for the first time in 3 months.
• Yesterday we saw a strong bearish impulse, which brought down the price of Ethereum to the $1628 level. 

Bitcoin chart analysis

Bitcoin has fallen below $25000 for the first time in 3 months. The previous time we were below $25,000 was in mid-March. This morning’s low price was at the $24813 level. Bitcoin is still below the $25000 level, and we need a positive consolidation to start the recovery. A jump to the $25,200 level could be the first sign of a price recovery.

So we would be back in the previous June channel of movement, and we could expect to continue towards the upper line of the channel. Potential higher targets are $25400 and $25600 levels. If the pullback continues, the price will form a new low, and we will be closer to the $24,000 level.

Ethereum chart analysis

Yesterday we saw a strong bearish impulse, which brought down the price of Ethereum to the $1628 level. The price still remains under pressure at that level, which could influence us to see a continuation of the retreat and the formation of a new low. Potential lower targets are $1600 and $1580 levels.

We need positive consolidation and a return above the $1660 level for a bullish option. Then we need to stay up there in order to continue our recovery. Potential higher targets are $1680 and $1700 levels.