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