Bitcoin Struggles to Break $25,000 Resistance Level, Could Face Further Correction

Bitcoin has yet to break through the $25,000 resistance level and is currently facing bearish pressure. The cryptocurrency attempted to break out above the $25,000 mark, but sellers were active at this level, causing the price to fall back down. The price reached a peak near $25,120 before dropping sharply below $24,800 and $24,500.

On the hourly chart of the BTC/USD pair, a strong bullish trend line with support near $24,350 was broken, adding to the bearish sentiment. Bitcoin is currently trading below the $24,400 mark and the 100 hourly simple moving average, inching closer to the last swing low of $23,868.

The immediate resistance level is near $24,200, followed by the 100 hourly simple moving average at $24,600. A clear break above the $24,600 level could push the price towards the critical $25,000 resistance zone. However, a sustained climb above this level is necessary for further upward momentum, with a potential target of $26,200.

On the downside, if bitcoin fails to break through the $24,600 barrier, it may continue to face bearish pressure. Immediate support is near the $23,850 level, followed by significant support at $23,000, or the 1.618 Fib extension level. A break below this level could result in a further drop to $22,200, with the next major support level at $22,000.

In conclusion, bitcoin’s failure to break through the $25,000 resistance level could trigger a further correction, with potential support levels at $23,850, $23,000, and $22,200. On the upside, a clear break above $24,600 and sustained climb above $25,000 are necessary for further upward momentum.