Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price is struggling to clear the $23,650 resistance. BTC must clear the $24,000 resistance to move into a positive zone in the near term.
- Bitcoin is struggling to gain pace for a move above the $23,600 resistance zone.
- The price is trading above $23,200 and the 100 hourly simple moving average.
- There was a break below a key rising channel with support near $23,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could resume its decline if it stays below the $23,650 and $24,000 resistance levels.
Bitcoin Price Keeps Struggling
Bitcoin price started a recovery wave from the $22,750 support zone. BTC formed a base and started a decent increase above the $23,200 resistance zone.
There was a move above the $23,600 resistance and the 100 hourly simple moving average. However, the bears were active below the $24,000 resistance zone. A high was formed near $23,885 before the price started a fresh decline.
There was a move below the $23,600 zone. Besides, there was a break below a key rising channel with support near $23,450 on the hourly chart of the BTC/USD pair. There was a spike below the 50% Fib retracement level of the upward move from the $22,739 swing low to $23,885 high.
Bitcoin price is now trading above $23,200 and the 100 hourly simple moving average. It is stab above the 61.8% Fib retracement level of the upward move from the $22,739 swing low to $23,885 high.
An immediate resistance is near the $23,650 zone. The first major resistance is still near the $23,850 and $24,000 levels. A clear move above the $24,000 resistance might start a decent increase towards the $24,600 resistance zone.
Source: BTCUSD on TradingView.com
The next key resistance is still near the $25,000 zone. A close above the $25,000 resistance could push the price in a bullish zone. In the stated case, the price may perhaps rise towards the $25,800 level.
Fresh Decline in BTC?
If bitcoin price fails to clear the $23,650 resistance, it could continue to move down. An immediate support on the downside is near the $23,200 zone.
The next major support is near the $22,800 zone. If there is a downside break, the price might decline towards $22,200. The next major support is near the $22,000 level.
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 above the 50 level.
Major Support Levels – $23,200, followed by $22,800.
Major Resistance Levels – $23,650, $24,000 and $24,600.