Bitcoin Struggles to Break Through Resistance at $23,650, Faces Potential Drop if Support Fails

Posted Tuesday, February 28, 2023 by
Arslan Butt • 1 min read

Bitcoin is struggling to surpass the $23,650 resistance level and needs to break through the $24,000 resistance level to enter a positive zone in the short term.

After bouncing back from the support area at $22,750, BTC started to climb steadily, finding support at $23,200. However, selling pressure was seen below the $24,000 resistance level, and a new decline occurred after a high was established near $23,885.

BTC/USD broke below the important rising channel support around $23,450 on the hourly chart, and a drop below the $23,600 level followed. The price of Bitcoin is now over $23,200 and above the 100 hourly simple moving average. The area around $23,650 represents the near-term resistance, and the significant barrier is between $23,850 and $24,000.

If Bitcoin manages to break above $24,000, it could trigger a strong ascent to the $24,600 resistance zone, with the next significant barrier around the $25,000 mark. Closing above $25,000 could indicate a bullish trend and push the price to around $25,800.

However, if Bitcoin fails to break above the $23,650 resistance level, the price may continue to fall, with near-term support at $23,200 and the next significant support level at $22,800. If the downward trend continues, the price could drop to $22,200, with the next key support level at $22,000.

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