Bitcoin Steady Above $23K – Is It Going After $25K? - Forex News by FX Leaders
Bitcoin Steady Above $23K - Is It Going After $25K?

Bitcoin Steady Above $23K – Is It Going After $25K?

Posted Monday, August 1, 2022 by
Skerdian Meta • 2 min read

Bitcoin has failed to break through the $25,000 resistance level versus the US dollar, and BTC is falling and may breach the $23,250 support level. BITCOIN attempted but failed to break through the $25,000 resistance level. The price currently trades below $24,000 and the 100 hourly simple moving average.

On the hourly chart of the BTC/USD pair, there was a breach below a significant bullish trend line with support near $23,750. The pair needs to break over the $24,200 resistance to continue higher in the short term.

Breakdown of Bitcoin Price Signals

Bitcoin’s price has accelerated above the $23,500 resistance level. The price moved beyond the $24,000 barrier and even broke the $24,500 level. It attempted but failed to make a clear advance towards the $25,000 resistance. A high was made near $24,670, and the price began to fall again. The price fell below the $24,200 and $24,000 support levels, putting it in a short-term negative zone.

BTC/USD

Bitcoin fell below the 23.6 percent Fib retracement level of the upward run from the swing low of $20,696 to the high of $24,670. Furthermore, on the hourly chart of the BTC/USD pair, there was a break below a significant bullish trend line with support near $23,750.

The price currently trades below $24,000 and the 100 hourly simple moving average. The bulls are now defending more losses below $23,250.

On the upside, the price is encountering resistance between $23,750 and the 100 hourly simple moving average. The next major resistance level is at $24,200. A double top pattern appears to be emerging, with resistance near the $24,200 mark. A close over the $24,200 resistance level might set the tone for a new uptick. In the situation above, the price might jump to $24,750. The next significant barrier is located near the $25,000 mark.

More Bitcoin Losses?

If bitcoin fails to break over the $24,200 barrier level, it may begin a downward trend. On the downside, there is immediate support near the $23,240 level.

The next significant support is presently at $22,750. It is close to the 50% Fib retracement level of the upward advance from the swing low of $20,696 to the high of $24,670. Any further losses could push the price up to the $22,000 mark.

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