Bitcoin’s value is gradually falling below $24,500 per USD. If the SMA 100 is not reached, BTC may drop short-term.
- Bitcoin underwent a downward correction when it was unable to settle for more than $25,000.
- The current price of the stock is trading at below $24,500 and the simple 100-hour moving average.
- The hourly chart for the BTC/USD pair showed a breaking below a crucial bullish trend line, with support close to $24,300 (datafeed from Kraken).
- This pair might experience short-term losses of less than the $23,780 support level and $23,500 resistance levels.
Bitcoin Price Breaks Support
Bitcoin’s price tried to climb above the $24,500 level. BTC reached a new monthly peak after jumping above the $25,000 resistance zone.
The price did not rise above $25,000 however. An all-time high near $25,000. The market began to decline. The price fell below $24,800, $24,500 and $34,500 levels. A break was also observed below the key bullish trendline with support at $24,500 on the hourly BTC/USD chart.
Bitcoin prices are currently trading below the $24,500 mark and the 100 hourly simple average. The price has been consolidating its losses and is currently trading at $23,789 near the low point.
The 23.6% Fib level of the recent fall from the $25,000. swing high to the $24,789 bottom was broken by a small move. The upside is that immediate resistance can be found near the $24,300 mark and the 100-hourly simple moving mean.
Source: BTCUSD from TradingView.com
Near the $24,500 area is the next major resistance. This resistance is close to the 50% Fib level of the decline from $25,200 swing highs to $24,789 lows. An increase in the price could occur if it closes to or surpasses $24,500 resistance. The price could rise above $25,000 in this scenario. Price gains could push the price higher towards $25,800.
BTC Dips Limited
Bitcoin could move lower if it fails to break the $24,500 resistance level. Support for the downside lies near $23,780.
Next major support is now at the $23,500 mark. The price could plunge sharply if it experiences a negative break below the $23,500 mark. The price could drop to $22,750 in this scenario.
Technical indicators
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.
Major Support Levels – $23,780, followed by $23,500.
Major Resistance Levels – $24,300, $24,500 and $25,000.