Bitcoin Price Aims Key Upside Break As The Bulls Face Many Challenges

The price of bitcoin continued its slide and fell further below the $23,200 support zone. The price of bitcoin even soared lower below the $23,000 support zone and hit the $22,750 region.

A bottom was established close to $22,739, and the price is already making its way back up. There was a breakout above the resistance zone located at $23,200. On the hourly chart of the BTC/USD pair, there was a break above a key negative trend line that had resistance about $23,300. This occurred when the line met resistance near that level.

After making a negative move from a swing high of $24,602 to a low of $22,739, the pair rebounded higher and broke above the 23.6% Fib retracement level. The price of bitcoin is currently trading at a level that is higher than $23,500 and the 100 hourly simple moving average.

An immediate barrier can be found in the region around $23,650. It is quite close to the 50% Fib retracement level of the negative move that began at the swing high of $24,602 and ended at the low of $22,739. The first significant obstacle is still located close to the $24,000 zone. If the price manages to break decisively above the $24,000 resistance level, it could head towards the $24,600 barrier zone.

The primary obstacle is still somewhere close to the $25,000 zone. A successful closure over the $25,000 resistance level may signal the start of a significant uptrend. In the scenario described, the cost might move closer to the amount of $25,800 at some point.

If the price of bitcoin is unable to break through the resistance level of $23,650, it is possible that it could start another slide. The region around the $23,200 zone provides short-term support for the market.

The zone around $22,750 represents the subsequent important support. In the event that there is a break to the downside, the price may move closer to $22,200. The area close to $22,000 acts as the subsequent significant support.