Bitcoin Regains $23,000 – Why Could BTC Target $24,500 Today? - Forex News by FX Leaders
Bitcoin Regains $23,000 - Why Could BTC Target $24,500 Today?

Bitcoin Regains $23,000 – Why Could BTC Target $24,500 Today?

Posted Friday, August 5, 2022 by
Skerdian Meta • 2 min read

Bitcoin continued to fall below the $22,650 support level versus the US dollar. BTC is attempting another comeback and may encounter difficulties near $23,100. BITCOIN continued in a bearish zone, with losses extending below the $23,500 mark. The price currently trades below $23,000 and the 100 hourly SMA (simple moving average).

On the hourly timeframe of the BTC/USD pair, there was a break above a short-term negative trend line with resistance above $22,850.The pair needs to break through the $23,100 resistance to begin a consistent advance in the near term.

Bitcoin Price is Encountering Resistance

Bitcoin’s price began a new slide after encountering sellers near the $23,570 level. After breaking through the $23,000 support level, the price began to fall.

[[BTC?USD-graph]]

It even went lower than the $22,800 mark and the 100 hourly simple moving average. Finally, a spike occurred below the $22,650 mark. However, the decline was restricted, with the price trading as low as $22,400. The price began a new recovery wave over the $22,800 barrier level.

Bitcoin broke through the 23.6 percent Fib retracement level of the decline from the swing high of $23,570 to the low of $22,400. Moreover, on the hourly timeframe of the BTC/USD pair, there was a break above a short-term negative trend line with resistance above $22,850.

It is currently trading below the $23,000 mark and the 100 hourly simple moving average. On the plus side, the Bitcoin price is encountering resistance near $23,000 and the 100 hourly SMA.

The 50% Fib retracement level of the decline from the $23,570 swing high to the $22,400 low is also at the $23,000 level. The next major resistance level is at $23,300. A close above the $23,500 resistance level could signal the start of a continuous rise. In this scenario, the price may break through the $23,500 resistance.

More Bitcoin Losses?

If Bitcoin fails to break through the $23,000 resistance zone and the 100 hourly SMA, it may continue to fall. On the downside, there is immediate support near the $22,800 mark.

The next significant support is now at $22,400. A close below $22,400 might trigger a move towards $22,000. Any further declines might push the price down to $21,200. Good luck!

 

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