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