Bitcoin has not been able to surpass the $25,000 resistance level against the US Dollar. BTC’s decline is likely to break the $23,250 resistance zone.
- Bitcoin made a bold move towards $25,000 but was unsuccessful.
- The current price of the stock is trading at below $24,000 and the simple 100-hour moving average.
- A break was seen below a bullish trend line, with support close to $23,750 in the hourly chart for the BTC/USD pair. (Data feed from Kraken).
- To continue rising in the short term, the pair needs to clear $24,200 resistance
Bitcoin Price Signals Breakdown
Bitcoin prices rose above $23,500 resistance level. It was clear that Bitcoin price rose above the $24,000 mark, and it even crossed the $24,500 threshold.
However, it was unable to make a move toward the $25,000 resistance. The price fell again after a high near $24,670. The price fell below the $24,200 support level and 24,000 support levels, indicating that it was moving into a short-term bearish zone.
Bitcoin fell below the 23.6% Fib Retracement level for the upward movement from the $20.696 swing low down to the $24,670 high. In addition, Bitcoin fell below the 23.6% Fib retracement level of its upward move from the $20,696 swing low to $24,670 high.
The price currently trades below the $24,000 and 100 hourly simple moving mean. More losses are being protected by bulls below the $23,250 mark.
The upside is that the price faces resistance at the $23,750 and 100-hourly simple moving average levels. Near the $24,200 level is the next major resistance. A double top pattern appears to be forming near the $24,200 zone.
Source: BTCUSD at TradingView.com
An increase of 1% could be possible if the price is close to the $24,200 resistance level. The price could rise to $24,750 in this scenario. Next comes resistance at the $25,000 point.
BTC: More losses
Bitcoin could begin a downtrend if it fails to break the $24,200 resistance level. The $23,240 level is an immediate support for the downside.
It is currently at the $22,750 support level. The Fib level is close to the 50% Fib Retracement level for the upward movement from the $20.696 swing low, to the $24,670 high. The price could fall to $22,000 if there are more losses.
Technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $23,240, followed by $22,800.
Major Resistance Levels – $23,750, $24,000 and $24,200.