Bitcoin price is having a slow decline below the $24,500 level. In case BTC remains below the SMA100, further short-term dip would follow. Here is a summary of Bitcoin price in the past 24 hours:

Exchange Bitcoin to PayPal on HiExchange

  • BTC failed to surpass $25,000 and took a downturn.
  • Currently, the price is blow $24,500 and the 1-hour candles are below the SMA100.
  • On the 1-hour chart, we see BTC breaking a key uptrend at $24,300.
  • It is likely for the price to continue downward and reach $23,500.

Bitcoin Price Action Analysis

BTC set on a new rally above $24,500 and momentarily surpassed $25,000. With that, it hit a monthly record at $25,200 but the sellers did not leave time to celebrate. Subsequently, BTC lost the $25,000, $24,800 and $24,500 one by one.

On the 1-hour chart, we have a key trendline broken at $24,300. At this point, Bitcoin is trading below $24,500 and the 1-hour candles are below the SMA100. The lowest recorded price is at $23,789 before making an attempt foe recovery. Finally, BTC penetrated the 23.6% Fibonacci retracement level from the latest fall from $25,200 to $23,789.

The first resistance level for Bitcoin is at $24,300 on the SMA100. Following that, the $24,500 near the 50% Fibonacci retracement level will come next. Therefore, closing above $24,500 could jump start a new rally. In which case, the $25,000 and the $25,800 will be the upcoming resistance levels.

On the other hand, if Bitcoin price fails to surpass $24,500, the downtrend will continue. For this scenario, the $23,780 will be the next support level followed by $23,500. At that point, closing below $23,500 could strengthen the decline. After that, Bitcoin would quickly approach $22,750.

The Technical Indicators

MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward momentum.

RSI: the 1-hour relative strength index is currently below 50.

Resistance levels: Right now, the $24,300, $24,500 and $25,000 are crucial resistance levels for BTC.

Support levels: The $23,780 and $23,500 are currently the key support levels for the price.

HiExchange

HiExchange is a decentralized online platform to exchange your cryptocurrencies and e-currencies. We utilize an automated system to determine the best exchange rates at any moment. Furthermore, HiExchange does not require KYC or a sign-up process. Also, the platform offers 24/7 customer support.

To learn how to exchange your cryptocurrencies to PayPal you can read our instructional article.

For more instructional content, you can always visit HiExchange Blog