Bitcoin price failed to surpass the $25,000 resistance level. Currently, BTC is having a dip and is likely to fall as low as $23,250. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin made an attempt to break through $25,000 but failed to make it through.
- Currently, the price is below $24,000 and the 1-hour candles are below the SMA100.
- In order to have a short-term rally, BTC must surpass the $24,200 resistance level indefinitely.
Bitcoin Price Action Analysis
Yesterday, BTC gained strong upward momentum above $23,500 and managed to surpass $24,000. At some point, BTC moved above $24,500 and tried to push beyond $25,000 but failed. With that, the highest recorded price in the past 24 hours is at $24,670 before a correction followed.
For the correction, the price lost the $24,200 and $24,000 support levels and entered a short-term red zone. BTC penetrated below the 23.6% Fibonacci retracement level from the latest rise from $20,696 to $24,670. Furthermore, it dipped below the trendline support. At this point, Bitcoin is trading below $24,000 and the 1-hour candles are below the SMA100. The buyers are supporting the price below the $23,250 level.
The first resistance level for BTC is at $23,750 and the SMA100. After that, the $24,200 will be next as it is the resistance level for a double-top pattern forming for BTC. By closing above $24,200, the price could gain upward momentum and form a rally. In which case, BTC could approach toward $24,750 and then the $25,000 level.
On the other hand, if Bitcoin price fails to surpass $24,200, we will have further correction to follow. For this scenario, the $23,420 will be the first support level to follow. Following that, the $22,750 near the 50% Fibonacci retracement level will come next. Further decline can bring BTC down to $22,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $23,750, $24,000 and $24,200 are crucial resistance levels for BTC.
Support levels: The $23,240 and $22,800 are currently the key support levels for the price..
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