Bitcoin is seeing significant resistance near the $23,500 level against the US Dollar. To avoid a new bearish reaction in the near term, BTC must break beyond $23,500. BITCOIN is struggling to rise and is currently trading below the $23,500 mark.

The price currently trades below the $23,200 level and the 100-hourly simple moving average. On the hourly chart of the BTC/USD pair, a strong rising channel is forming with support of near $22,800. To begin a decent gain in the near term, the pair must break through the $23,500 resistance.

Bitcoin Price Gains Are Limited

Bitcoin’s price increased after breaking through the $23,500 support level. The price even fell below $23,000, entering a short-term negative zone. The bulls, on the other hand, defended the $22,650 zone. The 50 percent Fib retracement level of the upward advance from the swing low of $20,692 to the high of $24,671 served as support. The price established a base and has recently regained losses above the $23,000 mark.

Bitcoin surpassed the 23.6 percent Fib retracement level of the decline from the $24,699 swing high to the $22,649 low. The price even rose above the $23,400 mark, but it was met with stiff resistance near the $23,500 mark.

It is trading below the $23,200 mark and the 100-hourly simple moving average. On the hourly chart of the BTC/USD pair, a strong rising channel is forming with support of near $22,800. On the upside, the bitcoin price is encountering resistance near the $23,200 mark and the 100 hourly SMA.

The next major resistance level is at $23,500. Closing over the $23,500 resistance level might set the tone for a healthy gain. In the above scenario, the price could grow to $24,215 or higher. The next significant resistance is located near the $24,700 level.

More Bitcoin Losses?

If Bitcoin fails to break through the $23,500 resistance zone and the channel resistance, it may continue to fall. On the downside, there is immediate support near the $22,800 mark.

The next significant support is now at $22,640. Closing below $22,640 might precipitate a rapid drop to $21,750. Any further losses could push the price up to the $21,000 mark. Good luck!