Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $24K


Bitcoin faces major resistance near the $23,500 region against the US Dollar. BTC must get rid of $23,500 to avoid a fresh bearish reaction in the near term.

  • Bitcoin is struggling to rally and trade below the $23,500 level.
  • The price is now trading below the $23,200 level and the 100 hourly simple moving average.
  • There is a major ascending channel forming with support near $22,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must get rid of the $23,500 resistance to start a proper increase in the near term.

Bitcoin price hike capped

Bitcoin price rose at a rapid pace after breaking the range $23,500 support area. The price traded below $23,000 to move into a short-term bearish zone.

However, the bulls protected the $22,650 area. The 50% Fib retracement level of the upward move from the swing low of $20,692 to the high of $24,671 acted as support. The price formed a basis and recently recovered losses above the $23,000 level.

Bitcoin climbed above the 23.6% Fibonacci retracement of the downside move from $24699, up to $22,649. The price even rose above the $23,400 level, but encountered a strong resistance near $23,500.

It is now trading below the $23,200 level Simple moving average per 100 hours. There is also a major ascending channel forming with support near $22,800 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price is facing resistance near the $23,200 level and the hourly 100 SMA.

Bitcoin price

Source: BTCUSD on TradingView.com

The next major resistance is near the $23,500 area. A close above the $23,500 resistance area could set the appropriate pace of increase. In the mentioned case, the price may rise towards the $24215 level. The next major resistance is near the $24,700 level.

More losses in bitcoin?

If Bitcoin fails to clear the $23,500 resistance area and channel resistance, it may continue to move lower. There is immediate support on the downside near the $22,800 level.

The next major support is now near the $22,640 level. A close below $22,640 could lead to a sharp drop to $21,750. Any further losses could send the price towards the $21,000 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now approaching the 50 level.

Key support levels – $22,800, followed by $22,500.

The main resistance levels are $23,200, $23,500, and $24,180.



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