Bitcoin prices began to fall from the $24,250 resistance area against the US Dollar. BTC fell below $23,000, and there is still a possibility of further losses.
- Bitcoin fell below the $23,500 level of support.
- The current price of the stock is trading at below $23,500 and the simple 100-hour moving average.
- A break was seen below the major bullish trendline with support at $23,320 (data feed Kraken).
- For a new increase to occur in the near future, the pair will need to break the $23,250 resistance.
Bitcoin Price Breaks Support
Bitcoin’s price has struggled to move above $24,000 resistance. After reaching a high of $24,285 the price began a new decline.
Clear movement below $23,800 support level and $23,500 resistance levels was evident. Bears drove the pair lower below the 61.8% Fib level of the upward movement from $22,846 swing high to $24,286 low. Also, the pair broke below a significant bullish trend line that had support close to $23,320 at the hourly BTC/USD chart.
Bitcoin prices are currently trading at below $23,500 and the 100-hourly simple moving average. Bitcoin is consolidating over the $22,650 key support zone.
Source: BTCUSD from TradingView.com
Surprisingly, the nearest resistance to the price is at the $23,250 area. Next is the $23,500 level. An increase in the price may be initiated if you get close to or above $23,500. If the above scenario is true, then the price might rise to $24,000.
BTC Downside Break
Bitcoin could move down if it fails to break the $23,500 resistance level. The $22,650 level is a support area for the downside.
Near the $22,500 mark is now the next significant support. An attempt to close below $22,500 could lead to a movement towards $22,000. There is the possibility of the price moving towards $21,500 if the bears are active. A further loss could push the price to $20,500.
Indicators technical
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Levels – $22,650, followed by $22,500.
Major Resistance Levels – $23,250, $23,500 and $24,000.